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Benzinga
Benzinga
Business
Shivani Kumaresan

Hyundai To Invest $16B For EV Expansion In South Korea: Reuters

Hyundai South Korea HYMTF Hyundai Motor Company electric vehicle United States
  • Hyundai Motor Company (OTC:HYMTF) is planning to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea, Reuters reported.
  • The South Korean auto giant is expecting to produce 1.44 million units of EVs in South Korea by 2030.
  • The proposed 1.44 million units will account for about 45% of a combined global EV production capacity of 3.23 million EV units in 2030, the report added.
  • In 2021 Hyundai said it will invest $7.4 billion in the U.S. by 2025 to produce EVs and upgrade production facilities.
  • Price Action: HYMTF shares closed lower by 2.08% at $35.25 on Tuesday.
  • Photo Via Wikimedia Commons
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