Home Business Cloud Hyundai Motor Group Announced to Invest $16.5bn in S.Korea

Hyundai Motor Group Announced to Invest $16.5bn in S.Korea

Hyundai Motor Group Announced to Invest $16.5bn in S.Korea
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Hyundai Motor Group announced on May 18, 2022, that it will invest a total of 21 trillion won ($16.54 billion) in South Korea’s electric vehicle (EV) sector through 2030. By 2030, Hyundai Motor Co. and Kia Corp., a South Korean auto conglomerate, expect to produce 1.44 million electric vehicles yearly. The article is about Hyundai Motor Group Announced to Invest $16.5bn in S.Korea.

According to the auto group, South Korea’s 1.44 million EV manufacturing volume would account for around 45 percent of a combined global EV production capacity of 3.23 million EV units in 2030. In addition, the report says that Hyundai aims to develop a new electric vehicle production plant in Georgia. Atlanta Journal-Constitution informed the South Korean corporation aims to invest $7.5 billion in Georgia and employ 8,500 people to construct a new factory.

However, Hyundai Motor Group announced that it plans to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade manufacturing facilities, and increase its investment in innovative mobility solutions, which help cities improve various modes of transportation.

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