Hyundai Motor Group, a South Korean automaker, today announced plan to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.
The South Korean auto group, which also houses Hyundai Motor Co and Kia Corporations, plans to build 1.44 million units of EVs annually in South Korea by 2030.
The automaker said in a statement that the 1.44 million units of EV production volume in South Korea would account for about 45% of a combined global EV production capacity of 3.23 million EV units in 2030.
However, it has been recorded that the automaker has began execution of previous plans to build EV plants in various locations.
Recall that we recently reported that Hyundai plans to build a new EV manufacturing plant in the U.S. state of Georgia.
The report said the South Korean company would invest $7.5 billion in Georgia and hire 8,500 people as part of its plans to build a new factory.
Similarly, Hyundai Motor Group said in 2021 that it plans to invest $7.4 billion in the United States by 2025 to produce EVs, upgrade production facilities, and further its investment technology to improve different modes of transportation in cities.