Hyundai Motor Company (Hyundai Motor Company) and its subsidiary Kia (Kia) plan to invest 16.5 billion dollars (about Rs 1,282 billion) to promote the production of electric vehicles because EV is the Future and they know it.
Hyundai Motor Company (Hyundai Motor Company) and its subsidiary Kia (Kia) plan to invest 21,000 billion won, or 16.5 billion dollars (about Rs 1,282 billion) to boost the production of electric vehicles in South Korea. The investment will include the creation of a new factory which will gradually have a manufacturing capacity of around 150,000 cars per year.
EV: Hyundai and Kia Make Big Announcement, to Invest $16.5 Billion
The two automakers aim to increase the annual production of electric vehicles in the country to 1.44 million units by 2030, from around 350,000 units this year. The approximately 1.44 million units produced by that time will account for around 45% of Hyundai and Kia’s global electric vehicle production.
To that end, the new plant being built in South Korea for the vehicles will be at Kia’s existing manufacturing facility in Hwaseong. Its construction is expected to begin in the first half of 2023, while commercial production will begin in the second half of 2025.
Purpose-built vehicles are special purpose vehicles which are usually based on small to mid-sized vans as they use the same chassis. The time to start production and bring new models to market is generally shorter. Hyundai and Kia both aim to sell 3.23 million units of electric vehicles per year globally by 2030, which will account for 12% of the global electric vehicle market.
Separately, Hyundai also plans to build a new electric vehicle assembly plant in southern Georgia. The automaker’s Georgia EV plant is part of a $7.4 billion investment plan Hyundai has drawn up for the United States, he said. Hyundai Motor Group, the owner of the Hyundai and Kia brands, said last year it aimed to invest billions in the United States by 2025 to cover electric vehicle factories, hydrogen fueling stations as well as flying taxis. For.
Hyundai’s announcement to build a new electric vehicle plant in Georgia comes at a time when US President Joe Biden is pushing to increase investment in electric vehicles and electric vehicle-related suppliers.