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
Swipe up for More Stories related to Tchnology, Gadgets, Finance, & Other Trending News around the Globe.
Hyndai & Kia EV Investment- Swipe Up!!!