By Heekyong Yang
SEOUL (Reuters) -Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.
The 1.44 million units of EV production volume in South Korea would account for about 45% of a combined global EV production capacity of 3.23 million EV units in 2030, the auto group said in a statement.
Reuters reported last week that Hyundai plans to build a new EV manufacturing plant in the U.S. state of Georgia.
The Atlanta Journal-Constitution reported the South Korean company would invest $7.5 billion in Georgia and hire 8,500 https://www.ajc.com/news/hyundai-motor-expected-to-formally-announce-georgia-ev-plant-next-week/477JE55GSFDLTAISS7QYEXKTXA people as part of its plans to build a new factory.
Last year, Hyundai Motor Group said it plans to invest $7.4 billion in the United States https://www.reuters.com/business/autos-transportation/hyundai-motor-invest-74-bln-us-by-2025-2021-05-13 by 2025 to produce EVs, upgrade production facilities and further its investment in smart mobility solutions – technology to improve different modes of transportation in cities.
($1 = 1,269.6400 won)
(Reporting by Heekyong Yang; Editing by Jacqueline Wong and Kenneth Maxwell)