Hyundai to invest $18 billion in South Korean Electric Vehicle industry
Hyundai Motor Group recently announced plans to invest $18.14 billion in South Korea's electric vehicle (EV) industry from now until 2030 in an attempt to secure its presence in the ever increasing Asian EV market.
By: Vine Strategy
GANGNAM-GU, South Korea - June 5, 2023 - PRLog -- The investment plan came to President Yoon Suk Yeol after Kia announced its first designated electric vehicle plant. The new plant is the groups first in Korea for almost 30 Years and is set to begin production in 2025. Hyundai Motor Group also announced plans to expand annual EV production in Korea to 1.51 million units.
Suk Yeol commented positively on the commitments made to help South Korea's auto industry and to assist in the preparation for transformation into Electric Vehicles. The Government is also set to expand tax benefits for domestic EV facility investment for a five-fold boost in production capacity by 2030
Hyundai Motor Group said last year it would invest more than $10 billion in the United States by 2025 to enhance collaboration with U.S. firms in advanced technology. The U.S. investment plan includes its $5.5 billion investment for new electric vehicle and battery facilities in the state of Georgia.
Electric Vehicle Market South Korea
South Korea accounted for a third of the global market in batteries for EVs in the first 5 months of this year. Production capacities almost quadrupled to 217 gigawatt-hours (GWh) in 2020 from 59 GWh in 2016, the government stated.
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When a globally established company such as Hyundai begin to make serious plans and moves into the EV market, you can be sure that this will have a great effect on the market as a whole.
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