Hyundai Motor Group said on Tuesday it planned to invest $18.14 billion in South Korea's electric vehicle industry through 2030.
and Hyundai Mobis, came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant.The new plant, the auto group's first in the country in almost three decades, is set to begin production in 2025.
Kia said in a statement that it would invest about 1 trillion won for the plant and plans to produce 150,000 units in the first full year, with the potential to expand in line with future market conditions. It added that the government would expand tax benefits for domestic EV facility investment for a five-fold boost in production capacity by 2030.
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