Hyundai Motor said it will also receive dividends from its Indian operations, reports Yonhap news agency.
"The dividends from their overseas operations will help the three companies cut back on bank loans, which will enhance their financial status and will allow them to make an aggressive investment (in EV plants)," the statement said.
The group's overseas operations, including Hyundai Motor America, Hyundai Motor India,
Hyundai Motor plans to complete a 150,000-unit-a-year EV plant in its main Ulsan plant, 299 kilometers southeast of Seoul, by 2025.
In April, Kia began the construction of a 150,000-unit-a-year EV plant inside its existing factory in Hwaseong, just south of Seoul, with a goal to start production in late 2025.
In the same month, the Korean automotive group announced it will invest 24 trillion won in its domestic EV plants and other EV projects by 2030.
The three affiliates will collectively make the investment to help the group become the world's No. 3 EV maker in terms of sales by 2030.
The companies plan to spend most of the planned investments in expanding their existing EV production lines, developing future mobility parts and technologies, establishing EV infrastructure and exploring new EV business opportunities.
Hyundai Motor and Kia plan to release a total of 31 battery-powered EV models by 2030, including the Kia EV9 this month and the Hyundai IONIQ 7 next year.
Hyundai Motor and Kia have set a combined sales goal of 7.52 million units this year, up 9.8 percent from the 6.85 million units they sold last year.
The two together form the world's third-largest carmaker by sales after Toyota Motor Corp. and Volkswagen Group.
On top of the domestic EV plants, the group is building a 300,000-unit-a-year EV and battery plant in the U.S. state of Georgia, with a goal to start production in the first half of 2025.
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