Hyundai Motor Group to Invest $18 Billion in South Korea's EV Industry by 2030

Hyundai Motor Group has announced its aim to become one of the world’s top 3 EV manufacturers by 2030. The group has also outlined plans to invest KRW 24 trillion ($18 billion) in South Korea's EV industry by 2030.

The announcements were made at a groundbreaking ceremony for Kia's dedicated plant for the production of battery-electric purpose-built vehicles (PBV). 

Kia will invest around one trillion won (approximately USD 758 million) to secure 99,000 acres of land, with the company planning to start mass-production in the second half of 2025.

It plans to produce 150,000 units in the first full year, with the potential to expand in line with future market conditions. 

The new PBV plant will be built as an eco-friendly plant that applies innovative manufacturing technologies while minimising carbon emissions. 

One of the processes to be implemented at the new PBV plant is known as the ‘cellular (or cell) method,’ which allows vehicle production based on diverse customer demands.

Kia plans to show the first model in the company’s dedicated PBV lineup in 2025.

The model will be a mid-sized PBV and will be based on the 'eS' platform, a dedicated skateboard platform for battery electric PBVs, enabling various types of vehicle bodies to be flexibly com

Kia President and CEO, Ho Sung Song, on behalf of Hyundai Motor Group, says: "Hyundai Motor, Kia, and Hyundai MOBIS together plan to invest KRW 24 trillion in the domestic electric vehicle industry by 2030, with the goal of making South Korea one of the top three players in the global EV market. Our focus is to enhance the competitiveness of the entire electric vehicle ecosystem, including research and development, production, and infrastructure, and to lead the way in driving change and innovation in the new global automotive industry."

In 2030, Hyundai Motor Group will have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis.