Hyundai Motor Group announced on Tuesday that it will invest 24 trillion won ($18.14 billion) in South Korea’s electric vehicle (EV) sector through 2030 to improve the EV ecosystem and its global automotive position.
President Yoon Suk Yeol announced the company’s investment strategy at the groundbreaking ceremony of Kia’s first designated electric vehicle plant. The group includes Hyundai Motor Co (005380. KS), Kia Corp (000270. KS), and Hyundai Mobis Co Ltd (012330. KS).
The auto group’s first domestic facility in over three decades will start production in 2025.
The presidential office said Yoon promised comprehensive steps to help South Korea’s car sector prepare for transition in the first half of this year.
The government will increase domestic EV facility investment tax incentives to five-fold manufacturing capacity by 2030.
Kia and Hyundai Motor shares rose 4.9% and 3.3%, respectively, while the KOSPI (.KS11) index rose 1.4%.
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