© Reuters. FILE PHOTO: The Hyundai Motor Firm brand is pictured on the New York Worldwide Auto Present in Manhattan, New York, U.S., April 13, 2022. REUTERS/Andrew Kelly
SEOUL (Reuters) – Hyundai Motor Group mentioned on Tuesday it plans to take a position 24 trillion received ($18.14 billion) in South Korea’s electrical car (EV) trade by 2030 in a bid to strengthen the EV ecosystem and strengthen its function within the international auto trade. .
The funding plan by the group, which incorporates Hyundai Motor Co, Kia Corp and Hyundai Mobis co Ltd, got here as President Yoon Suk-yeol attended a ground-breaking ceremony for Kia’s first electrical automotive plant.
The brand new plant, the auto group’s first within the nation in practically three a long time, is slated to start manufacturing in 2025.
Yoon pledged to take complete measures to assist South Korea’s auto trade higher put together for the transformation within the first half of this yr, the presidential workplace mentioned in an announcement.
It added that the federal government would lengthen tax incentives for home funding in electrical automobiles to extend manufacturing capability fivefold by 2030.
Shares in Kia and Hyundai Motor rose 4.9% and three.3%, respectively, in opposition to a 1.4% rise within the underlying index.
($1=1323 received)
