Hyundai invests $16.5 billion in electric cars

Hyundai Motor Group plans to expand its electric vehicle business in South Korea, with an investment of 21 trillion won ($16.54 billion) through 2030.

The plan – which the group revealed in a statement issued – aims to quadruple the domestic production capacity of electric vehicles, to increase annual production to 1.44 million units by 2030, instead of the 350,000 units expected this year.

The group indicated that the volume of production will represent 45% of the volume of global electric vehicle production planned by Hyundai and Kia by then, according to Bloomberg.

The Hyundai Motor Group, which includes Kia, Hyundai Motor and Genesis, aims to sell 3.23 million electric vehicles annually globally by 2030, or 12% of the global market.

Electric car factory in America

In this context, Hyundai plans to build its first electric vehicle manufacturing plant in the US state of Georgia, which the company intends to announce during President Joe Biden’s visit to the country, according to Reuters.

The Atlanta Journal-Constitution has reported that the South Korean company will invest $7.5 billion in Georgia, employing 8,500 people, as part of its plans to build a new plant.

Currently, the world’s fifth largest automaker manufactures combustion models at its plants in Alabama and Georgia in the United States.

Last year, Hyundai Motor Group said it plans to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade production facilities, and boost its investment in intelligent mobility solutions and technology.

electric cars
A Hyundai factory – archive

production increase plans

Under the 21 trillion won plan, the group is set to build a new production line to manufacture electric-only utility vehicles at an existing plant in Hwaseong.

Construction of the plant, which has a production capacity of 150,000 units annually, will begin in the first half of 2023, with commercial production starting in the second half of 2025, according to local newspaper The Korea Herald.

The group said – in its statement -: “To increase the group’s ability to produce more electric cars locally, we will work to promote the construction of a new plant for the production of composite purpose cars, establish a hybrid manufacturing line system for the manufacture of electric car models and combustion engines, and expand the existing electric car production facilities.”

Kia has highlighted its focus on vehicle-mounted vehicles, a type of futuristic, self-driving mobility that can be modified for specific purposes such as last-mile delivery, vehicle-calling services, or even a mobile business meeting room.

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