Shulou(Shulou.com)11/24 Report--

According to foreign media reports, Hyundai Motor Group, which is vigorously developing electric vehicles, will increase its investment in electric vehicles in order to become the third-highest electric vehicle manufacturer by 2030.

According to foreign media reports, Hyundai Motor Group announced on Tuesday local time that it will invest 24 trillion won, or about 18.2 billion US dollars, in electric vehicle production and other electric vehicle projects in South Korea by 2030.

Foreign media said in the report that Hyundai Motor Group's planned investment of 24 trillion won will be jointly invested by Hyundai Motor, Kia and parts manufacturer Hyundai Mobis.

In the report, foreign media also mentioned that most of the investment planned by Hyundai Motor Group will be used to expand their electric vehicle production line, develop parts and related technologies, build electric vehicle infrastructure and explore new electric vehicle business opportunities.

As far as the investment mentioned by foreign media in the report is concerned, Hyundai Motor's new plan of 24 trillion won is an increase from the previously announced investment amount. Last May, they announced an investment of 21 trillion won.

Massive investment in electric vehicles means more electric vehicles will be launched and sales will increase. Foreign media mentioned that Hyundai Motor and its sister company Kia plan to launch 31 pure electric vehicles by 2030, including 18 models launched by Hyundai and its subsidiary Denise and 13 models launched by Kia. Hyundai and Kia plan to sell 3.64 million pure electric vehicles by 2030, of which Kia plans to sell 1.6 million.

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