Hyundai commits $18 billion in Korea by 2030 in shift to EVs

Hyundai Motor Company (현대자동차) has committed to a spend of around 24 trillion won ($18.2 billion) by 2030 as it seeks to increase production of electric vehicles. The group, which also set itself a goal of becoming one of the world’s top three EV makers, plans to boost its annual output of electric cars in Korea to 1.51 million units by end of this decade, or about 40 percent of estimated global EV production of 3.64 million, according to a statement Tuesday. Hyundai Motor Group includes Hyundai Motor Co., Kia Corp., the luxury Genesis brand and parts and service arm Hyundai Mobis Co. Hyundai said that by 2030, it expects to have 31 EV models across its suite of brands. It added that Kia will build a new plant to manufacture electric purpose-built vehicles in Hwaseong city south of Seoul. Kia is preparing to release a three-row seat electric crossover, the EV9, in Korea later this year while Hyundai plans to introduce the Ioniq 7 in 2024. Tuesday’s announcement echoes what Hyundai has already outlined when it comes to investing for a greener future. Hyundai and Genesis have detailed plans previously to introduce at least 17 battery-powered EVs by 2030, alongside 14 from Kia, which should be a “huge enabler” to reach the company’s goal of 3.5 million annual EV sales in 2030. #electricvehicles #emobility #automotiverecruitment