Hyundai Motor Group to expand its electric vehicle operations by investing 21 trillion won ($16.5 billion) by 2030.
South Korean-based Hyundai Motor Group said it plans to invest 21 trillion won ($16.5 billion) by 2030 to expand its electric vehicle business in South Korea.
The auto group, which also houses Kia and Genesis, aims to increase its annual electric vehicle production in the country to 1.44 million units in 2030, from this year’s 350,000 expected production capacity. It aligns with their plan to get 12% of the global EV market and target to sell 3.2 million EV sales globally by 2030.
The government also promised to give its full support in helping the country lead the future car industry.
The South Korean Group doesn’t want to be left behind as the global competition in the EV market is gradually increasing. Additionally, many automakers are already diversifying their plans to position themselves in the market.
“As the global auto market is transitioning towards electric powertrains, major auto [makers] have started announcing their ambitious EV plans, and Hyundai does not want to be left behind,” says Soumen Mandal, a senior research analyst at research firm Counterpoint via Bloomberg.
He added, “Almost every automaker has plans to convert their existing product portfolio to electric powertrain by the latter half of the decade and halt developing internal combustion engine vehicles,” he adds.
Hyundai has big plans for an electrified future. Hyundai’s affiliate group Kia recently announced its plans to build an additional manufacturing plant in South Korea. The facility is dedicated to manufacturing electric Purpose-Built Vehicles (PBVs), which have an initial production of 100,000 units.
Hyundai also recently announced its plans to build a plant in Georgia, U.S.A. They also have plans to introduce 17 new BEV models by 2030.
The global market for EVs is already expected to grow. With targets to reduce greenhouse emissions, many countries now have ambitious goals for electrifying vehicles over the next few decades.
