Hyundai Motor and its subsidiary Kia plan to invest 21 trillion won ($16.5 billion) to boost production of electric vehicles in South Korea, including setting up a new factory that will cost around 150,000 won a year. Will be able to make cars.
Hyundai said that under this plan, the two companies aim to increase annual electric vehicle production in the country to 1.44 million units by 2030. By that time, production of 1.44 million would be around 45 per cent of Hyundai and Kia’s global EV production.
Regarding this plan, Kia said that this new factory will be inside Kia’s existing Hwasong factory. Its production is expected to start in the first 6 weeks of 2023, commercial production is expected to start in the second 6 months of 2025. Hyundai Motor Group, including Kia, Hyundai Motor and Genesis, aims to sell 3.23 million EVs annually globally by 2030.