Hyundai plans to invest $16.5 billion in South Korea for EVs

Hyundai Motor said on Wednesday it is preparing to invest a total of 21 trillion won ($16.54 billion) through 2030 for expanding its electric vehicle (EV) business in South Korea.

The automaker plans to annually build 1.44 million units of EVs in South Korea by 2030.

The 1.44 million units of EV production volume in the country would account for about 45% of a combined worldwide EV production capacity of 3.23 million EV units in 2030, the automaker said.

The plan is part of the ongoing global EV expansion by the automaker.