FTSE 100 Falls as US-Iran Conflict Drives Oil Prices Higher 
Tesla Cybercab Launch Puts Robotaxi Ambitions in Focus 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Bank of England Sees Surge in Higher-Risk Collateral 
US Tech Giants’ AI Bond Boom Raises Euro Zone Borrowing Risks 
India Manufacturing Growth Slows to Five-Year Low in August 
MongoDB Stock Sinks 14% as Atlas Growth Misses Expectations 
South Korea Unveils Record $597 Billion 2027 Budget to Boost AI and Chips 
Gold Prices Slide as Iran Conflict Fuels Fed Rate Hike Bets 
Australia Current Account Deficit Widens to A$27.2 Billion 
Asian Stocks Tumble as Oil Surge Fuels Rate Hike Fears 
Lynas Rare Earths Shares Rise After Takeover Talks Revealed 
Deutsche Telekom Shares Rise as Elliott Pushes Against T-Mobile Merger 
Australia GDP Beats Forecast, Boosting RBA Rate Hike Bets 
BP Names Ian Tyler Permanent Chairman After Governance Shake-Up 
CATL Shares Fall as Hungary Plant Faces Safety Halt 
Gold Prices Hold Near $4,400 as Fed Rate Hike Bets Ease 
Add as a preferred source on Google
Hyundai Motor Group announced it will be putting in ₩21 trillion or around $16.5 billion by 2030. The funds are set to be used for the expansion of its domestic electric vehicle business, which includes production and other related biz.
According to The Korea Times, Hyundai Motor is doing the local expansions for its EV line in keeping with the South Korean government's plan of further developing the electric vehicle industry in the country. The automaker also wants to turn its EV business into one of the core sectors to help boost the economy.
As stated in the investment plan, the annual EV production capacity of Hyundai Motor will reach 1.44 million vehicle units in 2030. This is more than triple of this year's estimated production capacity of just 350,000.
Moreover, the funds from the latest investment will also be utilized to develop technologies and EV parts, build infrastructures, diversify EV lineups, and exploration of different new businesses related to electric vehicles.
"The large-scale investment of Hyundai Motor and Kia in the domestic EV industry is aimed at upgrading the domestic EV ecosystem and making the country play a role of leading innovation globally in the future car industry," an official of the Korean automaker stated. "It is also expected the virtuous cycle of domestic EV production, R&D, infrastructure and related industries will be promoted."
Hyundai Motor and Kia's first task after putting in the funds is to establish a plant for purpose-built vehicles or PBVs. They will also set up mixed production systems for EVs and internal combustion engine-powered vehicles. The EV production lines at the companies' existing plants will be upgraded as well through expansions.
It was mentioned that for the production of PBVs, Kia will be setting up a facility at its AutoLand plant located in Hwaseong, Gyeonggi Province. Its construction is set to start in the first half of 2023 and mass production is expected to commence in the latter half of 2025 with an annual capacity of 100,000 units, as per Korea Joongang Daily.
