Hyundai Mobis to open new facility to make EV parts in South Korea
South Korean Tier 1 supplier, Hyundai Mobis, is planning on opening a new facility to manufacture EV parts locally in South Korea.
The facility is to be located in Ulsan, in the southwestern region and is to be built on an investment of KRW380 billion ($322 million).
Hyundai Mobis already operates a plant manufacturing EV parts in Chungju. The new facility will be located close to Hyundai Motor Group's main plant. The South Korean carmaker's Kona Electric is manufactured at the said plant.
Hyundai has been known to have a soft-corner towards hydrogen mobility. The company plans to produce 40,000 fuel cell vehicles by 2022 and 500,000 by 2030. Given these steep targets, it is obvious that the carmaker would rely on its affiliates to ramp up production of relevant components.
Hyundai Mobis, which is one of the major affiliates of Hyundai Motor Group, supplies major parts for Hyundai and Kia vehicles. Hyundai Mobis did not divulge in detail as to which parts will be manufactured at the new facility.
Hyundai Mobis to open new facility to make EV parts in South Korea
Modified on Friday 26th July 2019
Find all articles related to:
Hyundai Mobis to open new facility to make EV parts in South Korea