Hyundai Motor Group has unveiled plans to invest $16.5 billion over the next eight years in the production of electric vehicles in South Korea, according to various news sources.
The South Korean auto manufacturer is targeting 1.44 million electric vehicles per year in South Korea by 2030 as part of a plan to capture 12 percent of the global EV market by the end of the decade, Forbes reports.
EVs are expected to play a major role in the energy transmission as well as zero-emission targets around the world. According to Virta, in Europe alone, EVs and plug-in hybrid EVs represented 14 percent of the total car sales between January and June 2021, compared to 7 percent during the same period the year prior. Another report, on ResearchandMarkets.com, estimates the global electric vehicle market to reach 39,208,000 units by 2030, from an estimated 8,151,000 units in 2022.
“As the global auto market is transitioning towards electric powertrains, ma
