Hyundai Motor Group has announced plans to invest 24 trillion Korean won ($18 billion) in the domestic EV industry and become one of the world’s top three EV manufacturers by 2030 through the combined sales of Hyundai Motor, Kia and Genesis electric models.
The group plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. To enable these plans, Hyundai Motor and Kia, along with Hyundai MOBIS, plan to invest in the EV sector domestically.
Hyundai Motor Group’s large-scale investment aims to upgrade Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry. It is also expected to promote a virtuous cycle of domestic EV production, R&D, infrastructure and related industries.
To enhance its domestic EV production capacity, Kia is building a new plant dedicated to produce electric PBVs, while also expanding the existing EV line