Hyundai Motor Group plans to invest $16.5 billion in S.Korea EV business

Hyundai Motor's IONIQ 5 and Nexo display at Hyundai Mobility Japan's news conference in Tokyo, Japan, February 8, 2022. REUTERS/Kim Kyung-Hoon/Files

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 South Korean auto group, which houses Hyundai Motor Co and Kia Corp, plans to annually build 1.44 million units of EVs in South Korea by 2030.

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