Hyundai Motor Group announces EV investment plans

Over in Korea, production is increasing in electric vehicles as Hyundai Motor Group announced its goal to become one of the world’s top 3 EV manufacturers by 2030, through the combined sales of Hyundai Motor, Kia and Genesis electric models.

To achieve this target they have a total of 31 models ready to be put into production to meet the growing demand that already exists. Kia will launch its first three-row seat electric flagship SUV this year, the EV9, while 2024 is the year that the IONIQ 7 is set to be launched by Hyundai. It is a massive scale of production that they are planning with 1.51 million units being the target for Korea and 3.64 million units the target globally.

EV production capacity is being enhanced, with Kia building a new dedicated plant to produce PBVs (Purpose Build Vehicles). Lines at existing plants are already being expanded to produce more EVs.

All of this is part of a gigantic KRW 24 trillion investment, equivalent to 18 billion US dollars, by Hyundai Motor and Kia, alongside Hyundai MOBIS, its parts company.

It seems to be nothing but good news for Hyundai lately; at Driven, we recently brought you news of the treble win for the Hyundai IONIQ 6 at the World Car of the Year Awards. This investment may be seen as a response to the seemingly growing popularity of Hyundai and Korean car production in general.

Words: Mike Booth

Pictures: Kia