Hyundai Motor Group to invest $18 bln in South Korean EV industry by 2030
industry through 2030, bolstering its presence in a segment that is set to dominate long-term global automotive demand.Corp and Hyundai Mobis Co Ltd, came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant.
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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