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Hyundai Motor Group plans to invest $16.5 billion in South Korea EV business -Breaking

by Mike Robinson

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© Reuters. Hyundai Motor’s IONIQ5 and Nexo displays were on display at the Hyundai Mobility Japan news conference held in Tokyo, Japan, 02/08/2022. REUTERS/Kim Kyung-Hoon/Files

SEOUL (Reuters) – Hyundai Motor Group announced Wednesday that it will invest 21 trillion won (or $16.654 billion) in its South Korean electric vehicle (EV), business by 2030.

South Korea’s Hyundai Motor Corp and Kia Corp are part of the South Korean auto group. They plan to build approximately 1.44 Million EVs per year in South Korea by 2030.

($1 = 1,269.6400 won)

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