SEOUL -- Hyundai Motor Group has committed to a spend of around 24 trillion won ($18.2 billion) by 2030 as it seeks to increase production of electric vehicles.
The group, which also set itself a goal of becoming one of the world’s top three EV makers, plans to boost its annual output of electric cars in Korea to 1.51 million units by end of this decade, or about 40 percent of estimated global EV production of 3.64 million, according to a statement Tuesday.
Hyundai Motor Group includes Hyundai Motor Co., Kia Corp., the luxury Genesis brand and parts and service arm Hyundai Mobis Co.