Hyundai Motor plans to build EV facility in South Korea

WCN Editorial Team 12 Jul 2022 ASIA ENERGY & UTILITIES

yundai Motor has announced its plan to build its first electric vehicle plant in South Korea, reported Reuters.

This will be the first automobile plant to be built in the country within three decades.

Production at the facility is expected to commence by 2025, according to the company’s union.

Hyundai Motor did not provide any details in its statement, reported the news agency.

In May this year, Hyundai Motor Group stated its plans to invest $48.1bn (KRW63tn) in South Korea through to 2025.

Hyundai Motor, which is considered to be South Korea's largest automaker, last opened an automobile factory in the country in 1996.

The automobile firm also stated in May that it would invest about $5.5bn to construct full electric vehicle and battery manufacturing facility in Georgia, US.

The electric vehicle facility in Georgia is slated to break ground in early next year.

It is expected to commence commercial production in H1 2025.

Once operational, it will have an annual capacity of 300,000 EV units.

The auto company said the project would create about 8,100 jobs.
---------------------------------------------------------------------------------------------------------------------
Image: Production at the facility is expected to commence by 2025. Credit: Bilderandi from Pixabay.

With 11 websites and newsletters covering all the key areas within the construction industry, World Construction Industry Network is the leading global construction information resource. READ ABOUT US
PRIVACY POLICY

STAY IN TOUCH!

LATEST TWEETS

World Construction Network | www.worldconstructionnetwork.com is a product of GlobalData. Copyright © 2022 GlobalData. All rights reserved.