Through the investment, the South Korean automotive manufacturer aims to increase the annual production of EVs in South Korea to 1.51 million units and global volume to 3.64 million units by 2030 and intends to enhance the country's EV ecosystem

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Hyundai Motor aims to increase the annual production of EVs in South Korea to 1.51 million units by 2030. (Credit: Chu/Wikimedia Commons)

Hyundai Motor Group has announced plans to make an investment of KRW24 trillion ($18.1bn) in South Korea’s electric vehicle (EV) industry through 2030.

The South Korean automotive manufacturer also revealed its goal to become one of the world’s top three EV manufacturers by the end of this decade through the combined sales of Hyundai Motor, Kia, and Genesis electric models.

The investment will be made through the automotive major’s subsidiaries Hyundai Motor, Kia, and Hyundai MOBIS.

It is expected to help Hyundai Motor increase the annual production of EVs in South Korea to 1.51 million units and global volume to 3.64 million units by 2030.

Besides, the automotive manufacturer intends to enhance the EV ecosystem in South Korea and bolster its position as a hub for driving innovation in the global automotive business.

Furthermore, the investment is anticipated to spur a virtuous cycle of domestic EV production, research and development (R&D), infrastructure, and associated sectors.

Hyundai Motor is also expected to make significant investments in R&D. These include the creation of a platform for next-generation EVs, setting up research facilities, expansion of product lineups, and developing core parts and advanced technologies.

The investment announcement was made by the group during the groundbreaking ceremony of Kia’s production plant in South Korea for electric purpose-built vehicles (PBVs).

Hyundai Motor stated: “Activities will be undertaken to accelerate the development of next-generation platforms to improve the performance of EVs.

“The Group plans to sequentially develop dedicated platforms for each vehicle class under the Integrated Modular Architecture (IMA) system, including the ‘eM’ platform designed exclusively for passenger EVs, which will be introduced in 2025.

“Platforms using IMA can standardise batteries and motors to increase product development speed and efficiency.”

In 2022, the automotive manufacturer announced plans to invest KRW19.4 trillion ($14.6bn) for the electrification of its vehicles through 2030 with an aim to secure a 7% share of the global EV market by the end of this decade.