Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV business

Hyundai Motor’s IONIQ 5 and Nexo show at Hyundai Mobility Japan’s information conference in Tokyo, Japan, February 8, 2022. REUTERS/Kim Kyung-Hoon/Information

SEOUL, May possibly 18 (Reuters) – Hyundai Motor Group said on Wednesday it designs to commit a complete of 21 trillion gained ($16.54 billion) by means of 2030 for the enlargement of its electric car (EV) organization in South Korea.

The South Korean automobile team, which homes Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), programs to every year develop 1.44 million models of EVs in South Korea by 2030.

The 1.44 million models of EV output volume in South Korea would account for about 45% of a put together international EV creation ability of 3.23 million EV units in 2030, the car group stated in a statement.

Reuters reported previous 7 days that Hyundai strategies to build a new EV manufacturing plant in the U.S. condition of Georgia. browse much more

The Atlanta Journal-Constitution described the South Korean company would commit $7.5 billion in Ga and hire 8,500 men and women as component of its programs to create a new manufacturing facility.

Previous yr, Hyundai Motor Team stated it options to invest $7.4 billion in the United States by 2025 to make EVs, upgrade creation services and even more its financial investment in clever mobility remedies – technological innovation to improve diverse modes of transportation in towns.

($1 = 1,269.6400 won)

Reporting by Heekyong Yang Editing by Jacqueline Wong and Kenneth Maxwell

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