SEOUL -- Hyundai Motor Group said on Tuesday that it will invest 24 trillion won ($18 billion) by 2030 to expand production of electric vehicles, accelerating its transition away from gasoline-powered cars.
The group, which includes affiliate Kia, said in a news release that it would expand annual EV production in South Korea to 1.5 million vehicles and global volume to 3.6 million vehicles with the investment. To enhance domestic production capacity, Kia is building a new plant dedicated to manufacturing electric purpose-built vehicles, or PBVs, which make customized EVs for corporate clients.
