Electrive writes that around 16.6 billion euros will be invested by the Korean car manufacturer for production and exports, which should make the company one of the first three biggest battery-based car makers.

Across all three brands, Hyundai, Kia and Genesis, executives stated that 31 new electric models will be released in response to the increasing demand around the world. By 2027, Kia alone will have 15 new battery-electric models available for sale, while Hyundai and Genesis will share the remaining 15 models.

South Korea, Europe and the US seem to be the locations where the new vehicles are to be manufactured and Kia also plans to build new plant in its home country in this regard, which should be opened sometime in 2025.

Some of the 16.6 billion euros investment will also go towards the research and development necessary for releasing new EV platforms. Hyundai Group's eM platform is said to debut mid-decade and it will be used to design multiple kinds of vehicles, from small EVs to large sedans and SUVs.

The new platform should also allow for better range compared to current offerings, such as the Hyundai Ioniq 5 and Ioniq 6.