Hyundai Motor Group's $18 Billion Bet to Become Top 3 Global EV Manufacturers by 2030

Hyundai Motor Group announced its ambitious goal to become one of the world’s top three electric vehicles (EV) manufacturers by 2030.

The strategy, which includes electric models from Hyundai, Kia, and Genesis, was unveiled at the groundbreaking ceremony for Kia’s dedicated purpose-built vehicle (PBV) plant in Korea.

The Group plans to invest KRW 24 trillion (approximately $18 billion) in the domestic EV industry through Hyundai Motor, Kia, and Hyundai MOBIS by 2030.

The Group aims to increase its annual EV production in Korea to 1.51 million units and its global volume to 3.64 million units by 2030.

The massive investment aims to reinforce Korea’s role as an innovation hub in the global automotive sector by strengthening Korea’s EV ecosystem and promoting a virtuous cycle of domestic EV production, R&D, infrastructure, and related industries.

Kia is building a new plant dedicated to PBV production to increase domestic EV production capacity while expanding existing EV lines.

The Group will also invest significantly in R&D, such as developing next-generation EV platforms, expanding product lines, creating core parts and advanced technologies, and establishing research facilities.

Hyundai Motor Group will also focus on expanding its high-speed charging infrastructure to improve customer convenience and expand the charging network in Korea.

The Group plans to launch 31 EV models under Hyundai, Kia, and Genesis by 2030, including Kia’s EV9, a three-row electric flagship SUV to be launched this year, and Hyundai’s IONIQ 7 to be found in 2024.

Through these strategic investments, the Hyundai Motor Group aims to strengthen the competitiveness of the South Korean EV industry and drive a paradigm shift in the global mobility sector with unparalleled products and services.