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Hyundai Motor to invest $16bn in EVs for 7% market share by 2030

That sum is 20% of funds the South Korean automaker has earmarked for expansion

Hyundai Motor plans to invest about $79.2 billion through 2030, including $16.1 billion in electric vehicles.   © Reuters

SEOUL (Reuters) -- South Korea's Hyundai Motor Co. said on Wednesday it planned to invest about 95.5 trillion won ($79.2 billion) through 2030, including about 19.4 trillion won ($16.1 billion) toward electric vehicle related businesses.

Hyundai Motor, which together with affiliate Kia Corp. is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day.

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