Hyundai Motor Group said on Wednesday it plans to invest 21-trillion won ($16.54bn or roughly R262,775,942,000) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.
The South Korean auto group, which houses Hyundai Motor Co and Kia Corp, plans to annually build 1.44-million EV units in South Korea by 2030.
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, the auto group said.
Last year, Hyundai Motor Group said it plans to invest $7.4BN (roughly R117,596,730,000) in the US by 2025 to produce EVs, upgrade production facilities and further its investment in smart mobility solutions – technology to improve different modes of transportation in cities.
Hyundai Motor Group plans to invest $16.5bn in EV business
Image: Supplied
Hyundai Motor Group said on Wednesday it plans to invest 21-trillion won ($16.54bn or roughly R262,775,942,000) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.
The South Korean auto group, which houses Hyundai Motor Co and Kia Corp, plans to annually build 1.44-million EV units in South Korea by 2030.
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, the auto group said.
Last year, Hyundai Motor Group said it plans to invest $7.4BN (roughly R117,596,730,000) in the US by 2025 to produce EVs, upgrade production facilities and further its investment in smart mobility solutions – technology to improve different modes of transportation in cities.
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