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Hyundai Motor Group will invest 24 trillion won in its domestic electric vehicle (EV) production facilities and other EV projects by 2030, with the aim of becoming the world’s No. 3 EV maker by selling a combined 3.64 million units.
Kia aims to sell 1.6 million units of those EVs.
The original investment figure announced by the Korean automotive group in May last year was 21 trillion won.
Hyundai Motor Group is also aiming to help slow the pace of global warming by creating more zero-emission vehicles.
Hyundai Motor Co., Kia Corp., and auto parts maker Hyundai Mobis Co. will collectively make the investment in expanding their existing EV production lines, establishing the EV infrastructure, developing future mobility parts and technologies, and exploring new EV business opportunities.
The three firms will spend their own cash and cash equivalents reaching more than 35 trillion won as of the end of 2022.
The Kia EV9 and the Hyundai IONIQ 7 are two of the 31 battery-electric vehicles that Hyundai Motor and Kia want to release between now and 2030.
The 31 all-electric automobiles on the market include 13 models from Kia and 18 from Hyundai and its independent Genesis brand.
With a target start date of late 2025, Kia started work on Tuesday on a 150,000-unit-per-year EV plant inside its current factory in Hwaseong.
Additionally, Hyundai Motor intends to finish a 150,000-unit-per-year electric vehicle production at its main Ulsan plant.
