Hyundai Motor Group Plans to Invest $16.5 Billion in S.Korea EV Business | Investing News

SEOUL (Reuters) -Hyundai Motor Team mentioned on Wednesday it ideas to commit a complete of 21 trillion received ($16.54 billion) through 2030 for the growth of its electric powered car or truck (EV) company in South Korea.

The South Korean auto team, which residences Hyundai Motor Co and Kia Corp, programs to every year establish 1.44 million models of EVs in South Korea by 2030.

The 1.44 million units of EV generation quantity in South Korea would account for about 45% of a merged global EV generation capacity of 3.23 million EV units in 2030, the automobile group said in a statement.

Reuters described past week that Hyundai options to make a new EV production plant in the U.S. state of Ga.

The Atlanta Journal-Structure claimed the South Korean company would devote $7.5 billion in Georgia and hire 8,500 https://www.ajc.com/information/hyundai-motor-predicted-to-formally-announce-georgia-ev-plant-up coming-7 days/477JE55GSFDLTAISS7QYEXKTXA people as component of its options to make a new manufacturing unit.

Final 12 months, Hyundai Motor Group stated it designs to devote $7.4 billion in the United States https://www.reuters.com/business enterprise/autos-transportation/hyundai-motor-make investments-74-bln-us-by-2025-2021-05-13 by 2025 to deliver EVs, improve production services and further more its investment decision in sensible mobility methods – technological innovation to enhance diverse modes of transportation in metropolitan areas.

(Reporting by Heekyong Yang Enhancing by Jacqueline Wong and Kenneth Maxwell)

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