S.Korea’s Hyundai Motor plans to invest $16 bln in EV push

Hyundai Motor plans to invest $16 bln in its EV push. South Korea’s Hyundai Motor Co (005380. KS) said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses.

Hyundai Motor plans to invest $16 bln in EV

Hyundai Motor, which together with affiliate Kia Corp (000270. KS) is among the world’s top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day.

According to the auto group, South Korea’s 1.44 million EV manufacturing volume would account for around 45 percent of a combined global EV production capacity of 3.23 million EV units in 2030.

Hyundai aims to develop a new electric vehicle production plant in Georgia, according to Reuters.

According to the Atlanta Journal-Constitution, the South Korean corporation aims to invest $7.5 billion and employ 8,500 people in Georgia as part of its plans to develop a new factory.

Hyundai Motor Group announced last year that it plans to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade manufacturing facilities, and increase its investment in smart mobility solutions, which are technologies that help cities improve various modes of transportation.

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