Hyundai Motor Group has disclosed its plan to invest 24 trillion won ($18 billion) in South Korea's electric vehicle industry by 2030.
The news comes after the South Korean government pledged support to help the South Korean auto industry to better prepare for transformation to “vehicles of the future”, in the first half of this year – adding that it would expand tax benefits for domestic EV facility investment for a 5x boost in production capacity by 2030.
As part of the investment, the automaker has earmarked roughly 1 trillion won (~$756 million) for the upcoming EV plant with a schedule to commence production in 2025 – with an expected production capacity of 150,000 units during the first year, and an annual EV production in South Korea of 1.51 million units and a global volume of 3.64 million units by 2030.
The EV plant will be home to a variety of midsized vehicles, including purpose-built vehicles like robotaxis and delivery vans with the possibility of expanding in the future.
In a related development, last year, Hyundai announced its intention to invest over $10 billion in the United States by 2025 to expedite the development of EVs and autonomous vehicles.
Part of that investment includes the $6.5 billion Hyundai has already earmarked for its new EV plant and battery manufacturing facility in Georgia, USA.