Hyundai Affiliate Kia to Invest $16.5 Billion to boost EV Production

Hyundai and Kia intend to invest 21 trillion won ($16.5 billion) to boost the production of their electric vehicles in South Korea.

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Kia will build a new factory in the country to produce its planned fleet of electric Purpose Built Vehicles (PBVs).

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The two car manufacturers aim to increase annual electric vehicle production in Korea to 1.44 million units by 2030.

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Hyundai and Kia hit this figure, it means approximately 45 percent of their electric vehicles will be produced in Korea.

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The Hyundai Motor Group is looking to establish a 12 percent share of the global EV market.

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Hyundai Motors along with Kia aiming to sell 3.23 million electric vehicles annually by 2030.

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This facility will be built within Kia’s existing Hwaseong plant and will initially have an annual capacity of 100,000 vehicles per yea.

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Kia plans to begin construction at the site in the first half of 2023 with production to commence in the second half of 2025.

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Hyundai and Kia intend to invest 21 trillion won ($16.5 billion) to boost the production of their electric vehicles in South Korea.

Hyndai & Kia EV Investment in South Korea

Kia will build a new factory in the country to produce its planned fleet of electric Purpose Built Vehicles (PBVs).

Hyndai & Kia EV Investment- Dedicated to EVs

The two car manufacturers aim to increase annual electric vehicle production in Korea to 1.44 million units by 2030.

Hyndai & Kia EV Investment- 1.44 Million Units

Hyundai and Kia hit this figure, it means approximately 45 percent of their electric vehicles will be produced in Korea.

Hyndai & Kia EV Investment- 45% of Total EVs

The Hyundai Motor Group is looking to establish a 12 percent share of the global EV market.

Hyndai & Kia EV Investment- 12% Global EVs

Hyundai Motors along with Kia aiming to sell 3.23 million electric vehicles annually by 2030.

Hyndai & Kia EV Investment- Aim for 2030

This facility will be built within Kia’s existing Hwaseong plant and will initially have an annual capacity of 100,000 vehicles per yea.

Hyndai & Kia EV Investment-Kia Hwaseong Plant

Kia plans to begin construction at the site in the first half of 2023 with production to commence in the second half of 2025.

Hyndai & Kia EV Investment- Kia to start in 2023

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Hyndai & Kia EV Investment- Swipe Up!!!