Hyundai Motor Group Plans To Invest $16.5 Billion In S.Korea EV Business

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Hyundai Motor Group Plans To Invest $16.5 Billion In S.Korea EV Business

Hyundai plans to take a position a complete of 21 trillion received ($16.54 billion) by 2030 for the enlargement of its EV enterprise in South Korea.

Hyundai Motor Group mentioned on Wednesday it plans to take a position a complete of 21 trillion received ($16.54 billion) by 2030 for the enlargement of its electrical automobile (EV) enterprise in South Korea.

The South Korean auto group, which homes Hyundai Motor Co and Kia Corp, plans to yearly construct 1.44 million models of EVs in South Korea by 2030.

The 1.44 million models of EV manufacturing quantity in South Korea would account for about 45% of a mixed world EV manufacturing capability of three.23 million EV models in 2030, the auto group mentioned in an announcement.

Reuters reported final week that Hyundai plans to construct a brand new EV manufacturing plant within the US state of Georgia.

The Atlanta Journal-Constitution reported the South Korean firm would make investments $7.5 billion in Georgia and rent 8,500 https://www.ajc.com/news/hyundai-motor-expected-to-formally-announce-georgia-ev-plant-next -week/477JE55GSFDLTAISS7QYEXKTXA folks as a part of its plans to construct a brand new manufacturing unit.

Last 12 months, Hyundai Motor Group mentioned it plans to take a position $7.4 billion within the United States https://www.reuters.com/business/autos-transportation/hyundai-motor-invest-74-bln-us-by-2025-2021 -05-13 by 2025 to provide EVs, improve manufacturing services and additional its funding in good mobility options – expertise to enhance totally different modes of transportation in cities.

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With inputs from NDTV

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