Hyundai Motor Group announced on Wednesday that it will invest a total of 21 trillion won ($16.54 billion) in South Korea’s electric vehicle (EV) sector through 2030.
By 2030, the South Korean auto group, which includes Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), intends to produce 1.44 million electric vehicles annually.
According to the auto group, South Korea’s 1.44 million EV manufacturing volume would account for around 45 percent of a combined global EV production capacity of 3.23 million EV units in 2030.
Hyundai aims to develop a new electric vehicle production plant in Georgia, according to Reuters.
According to the Atlanta Journal-Constitution, the South Korean corporation aims to invest $7.5 billion and employ 8,500 people in Georgia as part of its plans to develop a new factory.
Hyundai Motor Group announced last year that it plans to invest $7.4 billion in the United States by 2025 to produce electric vehicles, upgrade manufacturing facilities, and increase its investment in smart mobility solutions, which are technologies that help cities improve various modes of transportation.