Hyundai Motor Group, which combines Hyundai, Kia, and Genesis, plans to invest KRW 24 trillion ($18 billion, €16.6 billion, converted) through 2030 to become a global top 3 EV maker.
The announcement came at the groundbreaking ceremony of Kia's new plant for purpose-built vehicles (PBV) in South Korea. The plant will enter mass production in 2025 and will initially produce up to 150,000 cars per year.
The investment will increase production and exports, and towards a lineup of 31 EV models by 2030. The group announced plans to increase local EV production in South Korea to 1.51 million units by 2030 and increase global production to 3.64 million.
Hyundai's investment will also go into developing the eM EV platform, set to debut in 2025. It will be the underpinning of all electric cars - from small to sedans and SUVs. The new platform will allow for an up to 50% greater range against the e-GMP cars - that translates to an up to 750km range for mid-sized models like the Ioniq 5 and Kona, and up to 900km for the larger sedans.