Hyundai Motor Group has committed to a spend of around KRW24tn ($18.2bn) by 2030 as it seeks to increase production of electric vehicles, Trend reports citing Gulf Business.
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 per cent of estimated global EV production of 3.64 million, according to an e-mailed statement Tuesday.
The group includes Hyundai Motor, Kia Corporation, the luxury Genesis brand and parts and service arm Hyundai Mobis.
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 SUV, the EV9, in Korea later this year while Hyundai plans to introduce the Ioniq 7 in 2024.