Hyundai Motor Group said on Wednesday that it will invest a total of 21 trillion won ($16.54 billion) in South Korea’s electric vehicle (EV) sector until 2030.
By 2030, Hyundai Motor Co. and Kia Corp., a South Korean auto conglomerate, expect to produce 1.44 million electric vehicles yearly.
According to the auto group, South Korea’s 1.44 million EV manufacturing volume would account for around 45 percent of a combined worldwide EV production capacity of 3.23 million EV units in 2030.
Hyundai wants to develop a new electric vehicle production factory in Georgia, according to reports last week.
According to the Atlanta Journal-Constitution, the South Korean corporation aims to invest $7.5 billion and employ 8,500 people in Georgia as part of its plans to develop a new plant.
Hyundai Motor Group announced last year that it plans to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade manufacturing facilities, and increase its investment in smart mobility solutions, which are technologies that help cities improve various modes of transportation.