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Hyundai Motor Group to invest $18 bln in South Korean EV industry by 2030

  • 📰 Reuters
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Hyundai Motor Group said on Tuesday it planned to invest 24 trillion won ($18.14 billion) in South Korea's electric vehicle (EV) industry through 2030, bolstering its presence in a segment that is set to dominate long-term global automotive demand.

, came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant.

The auto group, which houses luxury brand Genesis, besides Hyundai and Kia, also announced that it plans to expand annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. Yoon pledged comprehensive measures in the first half of this year to help South Korea's auto industry better prepare for transformation to the "vehicles of the future", the presidential office said in a statement.

 

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There goes US manufacturing

More cart before the horse logic.

Hyundai is junk. Paint peels and uses excessive oil. Look it up. Know issues they won't fix.

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