Hyundai Motor Group announced on Tuesday (Apr 11) that it plans to invest 24 trillion won (US$18.14 billion) in South Korea's electric vehicle (EV) industry through 2030 in order to strengthen the EV ecosystem and its role in the global automotive industry.
The group's investment plan came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant, which includes Hyundai Motor, Kia Corp, and Hyundai Mobis.
The new plant, the automaker's first in the country in nearly three decades, is set to open in 2025.
Yoon promised comprehensive measures to help South Korea's auto industry better prepare for transformation in the first half of this year, according to a statement from the presidential office.
It went on to say that the government would expand tax breaks for domestic EV facility investment, resulting in a five-fold increase in production capacity by 2030.
Kia and Hyundai Motor shares closed up 4.9% and 3.3%, respectively, versus a 1.4% increase in the benchmark KOSPI index.
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