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

Hyundai Mobis

11/04/2023 08:33

(Adds details, background)
       SEOUL, April 11 (Reuters) - Hyundai Motor Group said on
Tuesday it planned to invest 24 trillion won ($18.14 billion) in
South Korea's electric vehicle (EV) industry through 2030 in a
bid to bolster the 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 , came as President Yoon Suk Yeol attended a
groundbreaking ceremony for Kia's first designated electric
vehicle plant.
    The new plant, the auto group's first plant in the country
in almost three decades, is set to begin production in 2025.
    Yoon pledged comprehensive measures to help South Korea's
auto industry better prepare for transformation in the first
half of this year, the presidential office said in a statement.
    It added that the government would expand tax benefits for
domestic EV facility investment for a five-fold boost in
production capacity by 2030.
    Shares of Kia and Hyundai Motor closed up 4.9% and 3.3%,
respectively, versus a rise of 1.4% in the benchmark KOSPI
 .KS11  index. 
 ($1=1,323 won)

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