Hyundai Motor Group will make investments 24 trillion received (~$18 billion) in South Korea’s electrical automobile trade via 2030, the corporate mentioned Tuesday.

The information comes per week after Kia, which falls underneath the Hyundai umbrella, introduced its personal 32 trillion received (~$24 billion) funding into electrification and future enterprise areas. Hyundai’s funding plan was revealed throughout a groundbreaking ceremony for Kia’s first designated EV plant.

Hyundai’s auto group, which additionally contains Hyundai and luxurious model Genesis, mentioned Tuesday it plans to increase annual EV manufacturing in Korea to 1.51 million models and international quantity to three.64 million models by 2030.

Kia mentioned in an announcement that it might make investments about 1 trillion received (~$756 million) within the new EV plant. The corporate expects the plant to start manufacturing in 2025 and to supply 150,000 models within the first 12 months. The plant might be house to a wide range of midsized autos, together with purpose-built autos like robotaxis and supply vans.

South Korea president Yoon Suk Yeol attended the ceremony. In an announcement, his workplace mentioned it might pledge help within the first half of this 12 months to assist South Korea’s auto trade to higher put together for transformation to “autos of the long run.” The administration mentioned it might increase tax advantages for home EV facility funding for a 5x enhance in manufacturing capability by 2030.

Final 12 months, Hyundai Motor additionally mentioned it might make investments greater than $10 billion in america by 2025 to speed up improvement of EVs and autonomous autos.

The South Korean auto group mentioned final 12 months it might make investments greater than $10 billion in america by 2025 to reinforce collaboration with U.S. companies in superior know-how.

A part of that funding contains the $6.5 billion Hyundai has already earmarked for its new EV plant and battery manufacturing facility in Georgia. To qualify for the Biden administration’s full EV tax credit score, autos should have “remaining meeting” completed in North America, their batteries should be assembled or manufactured inside North America and demanding supplies within the automotive’s battery should be extracted or processed throughout the U.S. or inside a U.S. free commerce settlement nation.

Kia and Hyundai Motor shares closed up 4.9% and three.3%, respectively.