Hyundai Motor Group unveils $27 billion investment plan in S. Korean EV industry

Image credit: Hyundai

Hyundai Motor Group has set out to become one of the world’s top electric vehicle manufacturers by 2030 with a whopping KRW 24 trillion (AUD 27.1 billion) investment in the South Korean EV industry. 

The investment plan, which was announced at the groundbreaking of Kia’s dedicated plant for purpose-built vehicle production in South Korea, includes Hyundai Motor, Kia, and Hyundai MOBIS 

The investment is aimed at significantly expanding the annual EV production in the country to 1.51 million units and global volume to 3.64 million units within the next seven years. 

Aside from upgrading South Korea’s EV ecosystem and strengthening the country’s role as a hub for diving innovation in the global automotive industry, the massive investment is also expected to foster a virtuous cycle of EV manufacturing, research and development, infrastructure, and related industries. 

The Group is investing heavily in R&D projects, such as developing a platform for next-generation EVs, expanding product lineups, developing core parts and advanced technologies, and establishing research facilities. 

Hyundai Motor Group said it will also promote technology development with its partners to enhance integrated marketability across hardware and software, including diversification of dedicated platform product lineups, advancement of power electric systems, and the development of technologies. 

Furthermore, Hyundai, Kia, and Genesis are planning to build a high-speed charging infrastructure to maximise charging convenience for EV customers and to continuously expand the charging network in South Korea. 

Hyundai Motor Group launched the high-speed EV-charging brand E-pit in April 2021 and rolled out the E-pit Charging Service Platform the following year. 

In 2030, the Group will have a total lineup of 31 EV models, including models from Hyundai, Motor, Kia, and Genesis. 

Kia will launch EV9, its first three-row electric flagship SUV this year, while Hyundai Motors is set to launch the IONIQ 7 in 2024.