Hyundai Motor Group (HMG) plans to spend KRW21trn (US$16bn) on domestic operations by 2030, to expand its electric vehicle (EV) production capacity and to launch new mobility technology.

HMG, which includes the Hyundai and Kia brands, said it planned to invest the funds in new and existing EV production lines, build new capacity to bring on stream future mobility technologies, establish EV infrastructure and explore new EV business opportunity.

The group said it planned to increase annual EV production in South Korea to 1.44 million units by 2030, from an expected 350,000 in 2022, equivalent to 45% of its global EV production target of 3.23 million units for that year.

The group expected to have a 12% share of the global EV market by 2030 which it expected would grow to around 27 million units by then. Both brands each aim to launch 18 new EVs and 13 new electrified models by the end of the decade.

As part of the plan, and reported earlier by Just Auto, Kia plans to begin construction of a new facility in 2023 within its Hwaseong plant with an annual production capacity of 150,000 purpose-built EVs per year.

A company official said in a statement: “Carmakers have entered the race to take the leadership in the rapidly growing EV markets. Hyundai Motor Group will be quick to respond to this wave of environment-friendly future mobility through massive local investments and R&D activities.”