Hyundai Motor to Outlay USD 5.9 Billion for Development of EV Amenity in South Korea
The Korean auto manufacturer raised the dividends from its operations in the United States, Europe, and India by 4.6-fold and will use the dividends, amounting to around USD 5.9 billion, to enhance the EV ecosystem in Korea.
June 13, 2023. By EI News Network
The Korean auto manufacturer raised the dividends from its operations in the United States, Europe, and India by 4.6-fold and will use the dividends, amounting to around USD 5.9 billion, to enhance the EV ecosystem in Korea.
Hyundai Motor will procure USD 2.1 billion from its overseas operations comprising from the United States, India and the Czech Republic, while Kia will receive overall USD 3.3 billion from its U.S., and European subsidiaries.
The company expanded that around 79 percent of the dividends will be remitted to the headquarters within the first half, while the remaining will be procured by the end of the year.
Hyundai officials stated, “Bringing in the profits companies earned overseas to Korea is considered a type of capital reshoring”.
The finances will be utilised to construct EV-dedicated facilities in Hyundai Motor’s Ulsan plant and Kia’s AutoLand in Hwaseong, Gyeonggi.
Hyundai Motor proposes to construct an EV-dedicated facility at its Ulsan plant, with manufacturing set to commence in the second half of 2025.
The goal is to ramp up annual domestic EV production from the previous year’s 330,000 units to 1.51 million by 2030, of which 920,000 units will be exported. The 1.51 million figure is around 41 percent of the global EV production target for car manufacturers by 2030.
The companies intend to become the three largest EV manufacturers in the world.
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