Hyundai To Invest $16B For EV Expansion In South Korea: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

May 18, 2022 7:30 AM | 1 min read | Make a Comment

Hyundai Motor Company HYMTF is planning 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, Reuters reported.
The South Korean auto giant is expecting to produce 1.44 million units of EVs in South Korea by 2030.
The proposed 1.44 million units will account for about 45% of a combined global EV production capacity of 3.23 million EV units in 2030, the report added.
In 2021 Hyundai said it will invest $7.4 billion in the U.S. by 2025 to produce EVs and upgrade production facilities.
Price Action: HYMTF shares closed lower by 2.08% at $35.25 on Tuesday.
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