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EVs: Hyundai invests, China extends subsidies

STORY: Hyundai Motor Group is ramping up spending on EVs.

The firm said Wednesday (May 18) that it plans to invest about $16.5 billion in its domestic output of electric cars by 2030.

By that time it plans to build 1.44 million EVs per year in its home country.

That would be about 45% of its total global output of the zero-emission vehicles.

The group - which also include Kia - is expanding EV output overseas too.

Last week Reuters reported that the firm planned a new plant in the U.S. state of Georgia.

Media reports claim that a $7.5 billion investment there will create 8,500 jobs.

Meanwhile, China looks set to extend its subsidies for EVs.

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Reuters sources say it’s in talks with automakers to keep the payments going until 2023.

They were due to expire this year.

China’s incentive programme has been credited with creating the world’s biggest EV market.

By the end of last year, some $14.8 billion had been handed out to buyers including commercial fleet operators.