General

Hyundai plans to invest more than $16 billion in the production of electric vehicles in South Korea

Automobile concern Hyundai Motor Group announced that it plans to invest about 21 trillion by 2030

South Korean won ($16.54 billion) to develop the electric vehicle business in South Korea. In South Korea alone, the company aims to produce at least 1.44 million electric vehicles annually by 2030. At the same time, in the home market, Hyundai Motor Group will produce 45% of the total output of electric vehicles under its own brands. In total, by this time, the concern expects to reach the production of 3.23 million electric vehicles annually. The company will also develop production in other markets, as it was previously reported that a plant for the production of electric cars will be built in the state of Georgia, USA. There, Hyundai plans to build a $7.5 billion facility that will employ 8,500 people. In the first quarter of this year, Hyundai ranked second in the U.S. market for electric vehicles, posting strong shipment growth in contrast to the stagnant traditional car market.