Hyundai Motor Group announced on Wednesday that it intends to invest a total of 21 trillion won ($16.54 billion) in the growth of its electric vehicle (EV) business in South Korea until 2030.
The South Korean auto group, which includes Hyundai Motor Co and Kia Corp, intends to produce 1.44 million electric vehicles per year by 2030.
According to the auto group, South Korea’s 1.44 million EV manufacturing volume would account for around 45 percent of a combined worldwide EV production capacity of 3.23 million EV units in 2030.
According to Reuters, Hyundai intends to develop a new EV production factory in the U.S. state of Georgia.
According to the Atlanta Journal-Constitution, the South Korean corporation aims to invest $7.5 billion in Georgia and recruit 8,500 workers as part of its plans to develop a new plant.
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Hyundai Motor Group said last year that it planned to invest $7.4 billion in the United States by 2025 to develop EVs, renovate manufacturing facilities, and expand its investment in smart mobility solutions – technology that improves various modes of transportation in cities.