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Stock Market News

Hyundai Motor Group plans to invest $16.5 billion in South Korea EV business

05/18/2022

Less than a minute

2022.05.18 08:37

Hyundai Motor Group plans to invest $16.5 billion in South Korea EV business
Hyundai Motor’s IONIQ 5 and Nexo display at Hyundai Mobility Japan’s news conference in Tokyo, Japan, February 8, 2022. REUTERS/Kim Kyung-Hoon/Files

SEOUL (Reuters) – Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) through 2030 for its electric vehicle (EV) business in South Korea.

The South Korean auto group, which houses Hyundai Motor Co and Kia Corp, plans to annually build 1.44 million units of EVs in South Korea by 2030.

($1 = 1,269.6400 won)

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05/18/2022

Less than a minute