Hyundai Motor Group said on Tuesday it will invest 24 trillion won ($18.2 billion) in its domestic electric vehicle (EV) production facilities and other EV projects by 2030.
Hyundai Motor, its smaller affiliate Kia and auto parts maker Hyundai Mobis will collectively make the investment to become the world’s No. 3 EV maker in terms of sales by 2030, the group said in a statement.
The move is in line with global carmakers’ plans to fill their lineups with zero-emission vehicles to help slow the pace of global warming.
