Hyundai Wants to Spend Billions to Become an Electric Car Powerhouse

Hyundai Wants to Spend Billions to Become an Electric Car Powerhouse

It wasn’t two days ago when we were talking about Hyundai being a real force in EVs, and, what do you know, on Wednesday Hyundai and Kia announced a new plan to spend $16.5 billion on EV development in what is an EV arms race among automakers.

From Bloomberg:

Hyundai Motor Co. and its affiliate Kia plan to invest 21 trillion won ($16.5 billion) to boost the production of electric vehicles in South Korea, including the establishment of new factory that would ultimately have the capacity to make around 150,000 cleaner cars a year.

Under the plan, the two automakers aim to increase annual EV production in [South Korea] to 1.44 million units by 2030 from an expected 350,000 units this year, Hyundai said in a statement Wednesday. That forecast 1.44 million output would account for about 45% of Hyundai and Kia’s planned global EV production volume by then.

The new factory for purpose-built vehicles will be located within its existing Hwaseong manufacturing site, as said in a separate statement. Construction is expected to begin in the first half of 2023, with commercial production starting in the second half of 2025.

 We are going to be awash in EVs before we know it, and, hopefully, one day, one of them will be affordable.

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