Hyundai Motor Group to invest $18 bln in EV industry in S.Korea by 2030

Hyundai Mobis

11/04/2023 08:15

SEOUL, April 11 (Reuters) - South Korea's Hyundai Motor
Group said on Tuesday it plans to invest 24 trillion won ($18.14
billion) in the country's electric vehicle (EV) industry through
2030 in a bid to bolster South Korea's EV ecosystem and
strengthen its role in the global automotive industry. 
        The investment plan by the group, which includes Hyundai
Motor Co  005380.KS , Kia Corp  000270.KS  and Hyundai Mobis co
Ltd  012330.KS , was announced as South Korean President Yoon
Suk Yeol attended a groundbreaking ceremony for Kia's first
designated electric vehicle plant on Tuesday.
    The new plant, the auto group's first plant in the country
in almost three decades, is set to begin production in 2025.
    ($1 = 1,323 won)

 (Reporting by Heekyong Yang and Hyunsu Yim; editing by Jason
Neely)
 ((Heekyong.Yang@thomsonreuters.com;))