Hyundai invests $18.2bn to expand electric vehicle production in the Republic of Korea

The authorities of the Republic of Korea intend to turn the country into a hub for electric car production in the region. To do so, the government will provide subsidies to companies. However, the manufacturers themselves intend to invest.

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Hyundai is ready to invest $18.2 billion to expand electric car production in the Republic of Korea by 2030. By then, Hyundai wants to produce 3.64 million vehicles a year, including 40% at home. The range of vehicles will increase to 31 models.

Hyundai is investing in expanding production in South Korea amid the fact that it has so far been unable to secure preferential treatment in the US. Hyundai does not have a factory in the US, so buyers cannot claim a tax credit of up to $7500.

Source: Bloomberg