Hyundai Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) by 2030 to expand its electric vehicle business in South Korea.
The South Korean auto group, which is home to Hyundai and Kia, plans to produce 1.44 million units of electric vehicles annually in the Asian country by 2030.
The volume would represent about 45% of a target global production capacity of 3.23 million units of electric vehicles in 2030, the automotive group said in a statement.
Reuters showed last week that Hyundai plans to build a new electric vehicle plant in the US state of Georgia.
The Atlanta Journal-Constitution said the South Korean company will invest $7.5 billion in Georgia and hire 8,500 people as part of plans to build the new plant.
Last year, the Hyundai Group said it planned to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade manufacturing facilities and increase investment in smart mobility solutions.
Source: CNN Brasil
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