Hyundai Motor to build first fully dedicated EV factory in South Korea

South Korea’s Hyundai Motor Co plans to build its first fully dedicated electric vehicle (EV) factory in South Korea, targeting production by 2025, the automaker’s union said on Tuesday, citing its leader.

In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp (000270.KS), announced its plans to invest 63 trillion won ($48.07 billion) in South Korea through 2025.

Hyundai Motor Group said on Tuesday it plans to invest 63 trillion won ($49.86 billion) in South Korea through 2025 to strengthen its competitiveness in different business fields, including electrification, robotics and urban air mobility, as well as autonomous driving technology.

The South Korean auto group on Sunday announced its plans to invest more than $10 billion in the United States by 2025 to enhance collaboration with U.S. firms in advanced technology, which includes its $5.5 billion investment for new electric vehicle and battery facilities in Georgia.