Hyundai to invest 24 tln won in EV sector by 2030

▲ This photo provided by Hyundai Motor shows the IONIQ 6 EV. (PHOTO NOT FOR SALE) (Yonhap)

▲ This photo provided by Kia Corp. shows the EV9 GT-line model. (PHOTO NOT FOR SALE) (Yonhap)

Hyundai-EV investment

Hyundai to invest 24 tln won in EV sector by 2030

SEOUL, April 11 (Yonhap) -- South Korea's Hyundai Motor Group said Tuesday it will invest 24 trillion won (US$18.2 billion) in its domestic electric vehicle (EV) production facilities and other EV projects by 2030.

Hyundai Motor Co., its smaller affiliate Kia Corp. and auto parts maker Hyundai Mobis Co. will collectively make the investment to become the world's No. 3 EV maker in terms of sales by 2030, the group said in a statement.

The companies will spend most of the money in developing a dedicated EV platform and EV-related technologies, and expanding the EV lineup, it said.

The move is in line with global carmakers' plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming.

Hyundai and Kia are aiming to sell a combined 3.64 million all-electric vehicles in global markets in 2030. In this year's CEO Investor Day last week, Kia said it aims to sell 1.6 million EVs in 2030.

Hyundai and Kia plan to release a total of 31 battery electric vehicles by 2030, including the Kia EV9 this year and the Hyundai IONIQ 7 next year, it said.

The EV9 is Kia's second model equipped with Hyundai Motor Group's EV platform, called E-GMP, after the EV6 SUV launched in 2021. Hyundai's IONIQ 5 and IONIQ 6 are also built on the same platform.

The 31 pure electric vehicles include 11 models from Hyundai and six from its independent Genesis brand.

On Tuesday, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025.

Hyundai and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year.

The two together form the world's third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group.

(END)

(C) Yonhap News Agency. All Rights Reserved