Hyundai Motor Group to invest $18bn in EVs by 2030

Carmaker to expand global production to 3.6m units and Kia to build new plant

A Hyundai Kona electric vehicle on display at the New York International Auto Show on April 5. © Reuters

KIM JAEWON, Nikkei staff writer

April 11, 2023 19:01 JST

Updated on April 11, 2023 21:30 JST

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.