Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) by 2030 to expand its electric vehicle (EV) business in South Korea. The South Korean auto group, which includes Hyundai Motor and Kia Motors, plans to produce 1.44 million electric vehicles a year in South Korea by 2030.

South Korea’s electric vehicle production will reach 1.44 million units by 2030, or about 45 per cent of the world’s 3.23 million electric vehicles, the auto group said in a statement.

Last year, Hyundai Motor Group said it planned to invest $7.4 billion in the US by 2025 to build electric vehicles, upgrade production facilities, and invest in smart mobility solutions technology to improve different modes of transportation in cities.