Hyundai Motor Group Plans to Expand South Korea EV Business, Invest $16.54 Billion by 2030

Hyundai Motor Group is one of the leading companies making commitments to massively invest in electric in the next years. The car manufacturer has announced plans to expand its electric vehicle (EV) business in South Korea by means of a $16.54 billion investment through 2030. 
Hyundai plans big investment in EV business 8 photos
Photo: Hyundai Motors
Hyundai Ioniq 72022 Hyundai Ioniq 5 (U.S. model)2022 Hyundai Ioniq 5 (U.S. model)2022 Hyundai Ioniq 5 (U.S. model)2022 Hyundai Ioniq 5 (U.S. model)2022 Hyundai Ioniq 5 (U.S. model)2022 Hyundai Ioniq 5 (U.S. model)
According to the South Korean auto group’s recent statement, the company plans to build 1.44 million units of EVs in South Korea every year in the next 18 years.

Hyundai plans a combined international EV output capacity of 3.23 million in 2030, and these 1.44 million units in South Korea would account for approximately 45% of its targeted combined global EV production capacity.

Last year, Hyundai Motor Group, which has controlling stakes in both Hyundai Motor Co and Kia Corp, announced intentions to invest $7.4 billion in its United States-based operations by 2025. This investment would be dedicated not only to the production of electric vehicles but also to the upgrade of production plants, the development of smart mobility solutions, and the improvement of various transportation modes in cities.

Hyundai has also made a more recent announcement regarding talks to build a new EV manufacturing facility in the United States. The details of the investment plans have not been disclosed, but sources say the future endeavor would involve a $7.5 billion investment in a new Georgia-based EV factory and the creation of new jobs for 8.500 people.

“We are excited to announce a new EV plant plan in the United States soon, but we do not have details to share at this stage,” Hyundai said at the moment.

However, a report by Atlanta Journal-Constitution claims the future EV plant could be built on a 2,200-acre site previously offered to Volvo, Jaguar Land Rover, and Rivian.

As it turns out, the new Georgia plant would serve both Hyundai and Kia for the production of their all-electric SUVs, the Ioniq 7 and EV9, which are known to be targeted at the U.S. market.
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About the author: Ancuta Iosub
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After spending a few years as a copy editor, Ancuta decided to put down the eraser and pick up the writer's pencil. Her favorites subjects are unusual car designs, travel trailers and everything related to the great outdoors.
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