Hyundai Group to invest over CZK 389 billion equivalent in EV production

Hyundai Motor Group will invest 24 trillion won (over CZK 389 billion) in electric vehicle production in South Korea by 2030. The group, which has also set itself the goal of becoming one of the world’s three largest EV manufacturers, announced the plan today on its website. By the end of the decade, the company aims to increase its annual EV production to 1.5 million vehicles in South Korea and 3.6 million worldwide.

The group comprises Hyundai Motor, Kia, the luxury brand Genesis, and Hyundai Mobis, its parts and services division. It unveiled the investment plan as South Korean President Yoon Suk Yeol attended the groundbreaking ceremony for Kia’s first electric vehicle plant, which will be located in Hwaseong.

The group’s first plant in the country in nearly 30 years is scheduled to begin operations in 2025. Kia will invest about one trillion won in the facility and plans to produce 150,000 vehicles in its first year, with the potential to expand production depending on future market conditions.