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Hyundai, Kia Plan $16.5 Billion Spend to Boost EV Production

The charging port of a Kia Niro electric sports utility vehicle.

The charging port of a Kia Niro electric sports utility vehicle.

Photographer: Michael Nagle/Bloomberg

Hyundai Motor Co. and its affiliate Kia plan to invest 21 trillion won ($16.5 billion) to boost the production of electric vehicles in South Korea, including the establishment of new factory that would ultimately have the capacity to make around 150,000 cleaner cars a year.

Under the plan, the two automakers aim to increase annual EV production in the nation to 1.44 million units by 2030 from an expected 350,000 units this year, Hyundai said in a statement Wednesday. That forecast 1.44 million output would account for about 45% of Hyundai and Kia’s planned global EV production volume by then.