Hyundai Motor says it will build its first South Korean EV factory

The symbol of Hyundai Motor Corporation is pictured at the New York International Automobile Exhibit, in Manhattan, New York Town, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photograph

SEOUL, July 12 (Reuters) – Hyundai Motor Co (005380.KS) stated on Tuesday it would build a committed electrical car (EV) manufacturing facility in South Korea that will grow to be its 1st auto plant to open up in the state in virtually three many years.

Generation is owing to start out by 2025, the company’s union claimed in a assertion, relaying a pledge that the corporation had manufactured in wage negotiations.

Hyundai Motor gave no further aspects in its statement.

In May possibly, Hyundai Motor Team, which homes Hyundai Motor and Kia Corp (000270.KS), mentioned it would make investments 63 trillion won ($48.1 billion) in South Korea by to 2025. read much more

Hyundai Motor’s unionised workers in South Korea voted this thirty day period for a probable strike for the first time in 4 years above needs for better wages. They ended up also offended at management prioritising expense outside the house the place. read through a lot more

Hyundai Motor, South Korea’s major automaker, previous opened an auto factory in South Korea in 1996.

But it said in May possibly it would invest $5.5 billion to establish whole EV and battery manufacturing services in Ga. read a lot more

The EV facility in Georgia is scheduled to crack ground in early 2023 and commence professional manufacturing in the first fifty percent of 2025, in accordance to Hyundai Motor.

“Income of inner-combustion-engine vehicles are scheduled to be banned in selected marketplaces so the new EV manufacturing facility is critical to Hyundai Motor’s survival,” said Chang Moon-su, an analyst at Hyundai Motor Securities, a subsidiary of the automaker.

Hyundai Motor shares had been flat in midday trade, whilst benchmark KOSPI (.KS11) was down 1.1%.

($1 = 1,310.5000 gained)

Reporting by Heekyong Yang and Byungwook Kim Enhancing by Shri Navaratnam and Bradley Perrett

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