Wednesday, April 12, 2023
By Kamal Swami
Hyundai to Invest $18.2B in EV Production by 2030
The Korean car manufacturing group Hyundai Motor Group on Tuesday announced that it will invest $18.2 billion (24 trillion won) to expand its domestic electric vehicle (EV) production facilities and other EV projects by 2030. This investment will be made jointly by Hyundai Motor, Kia, and auto parts maker Hyundai Mobis. The group aims to become the world's third-largest EV maker in terms of sales by 2030.
The majority of the planned investments will go towards expanding existing EV production lines, developing future mobility parts and technologies, establishing EV infrastructure, and exploring new EV business opportunities. The companies aim to sell a combined 3.64 million all-electric vehicles globally by 2030, with Hyundai Motor and Kia planning to release a total of 31 battery electric vehicles by 2030.
Kia the sister alliance of Hyundai Motors has already started the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, south of Seoul, with a goal to start production in late 2025. Hyundai Motor also plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant by 2025, and the group is building a 300,000-unit-a-year EV and battery plant in the US state of Georgia, with a goal to begin production in the first half of 2025.
This investment is in line with global automakers' plans to reduce carbon emissions and slow down global warming. Hyundai Motor and Kia are currently the world's third-largest automakers by sales after Toyota Motor Corp. and Volkswagen Group.
