South Korean automobile giant, Hyundai Motor Group has announced to invest around 24 trillion won ($18.2 billion) by 2030 to enhance electric cars manufacturing.
According to an e-mailed statement, the group, which has also set a goal of becoming one of the world’s top three EV makers, plans to increase its annual output of electric cars in Korea to 1.51 million units by the end of this decade, or about 40% of the estimated global EV production of 3.64 million.
Hyundai Motor Group comprises Hyundai Motor Co., Kia Corp., the luxury Genesis brand, and Hyundai Mobis Co., which provides parts and servicing.
Hyundai stated that it intends to offer 31 Electric cars across its brands by 2030. Kia will also develop a new facility in Hwaseong, south of Seoul, to produce electrified purpose-built automobiles. Kia is prepared to launch the EV9, a three-row electric SUV, in Korea later this year, while Hyundai expects to launch the Ioniq 7 in 2024.
The declaration mirrors what Hyundai has already stated about investing for a greener future. Hyundai and Genesis had already disclosed plans to deliver at least 17 battery-powered EVs by 2030, plus 14 from Kia, which should be a “huge enabler” in reaching the company’s 2030 goal of 3.5 million annual EV sales.
Given that Hyundai does not yet have an operational plant dedicated to EVs in the United States, the company has been advocating for amendments to the bill with US officials. That was little changed in the most recent IRS guidance earlier this month.
For the Hwaseong plant, Hyundai held a groundbreaking ceremony, which Yoon Suk Yeol, President of South Korea, attended.
In the primary portion, Yoon’s organization will report a bundle of help for Korea’s EV industry, including monetary assistance and interest into vehicle parts Research and development, the public authority said in a different explanation. According to the presidential office, South Korea wants to become an “Asia hub” for global EV production.