This investment will be used to establish a new factory with a production capacity of around 150,000 units per year. Then they also aim to increase EV year production to 1.44 million units by 2030.
From this estimated 1.44 million annual production, Hyundai and Kia are targeting around 45 percent of global EV production volume. The new factory will be built in Hwaseong, and construction is planned to start in the first half of 2023. Commercial production will begin in the second half of 2025.
The vehicles produced are cars based on small to medium sized vans. The decision was taken because the model uses the same chassis.
Hyundai and Kia also plan to sell 3.23 million EVs per year globally by 2030, with a target electric car market share of 12 percent.
Then Hyundai itself plans to build a new vehicle assembly plant in southern Georgia. The new plant is part of the company’s US$ 7.4 billion investment plan for Hyundai’s electrification development in the United States.