Hyundai Motor says it can construct its first South Korean EV manufacturing facility

Hyundai Motor says it can construct its first South Korean EV manufacturing facility

The emblem of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present,

The emblem of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Picture

Register now for FREE limitless entry to Reuters.com

SEOUL, July 12 (Reuters) – Hyundai Motor Co (005380.KS) mentioned on Tuesday it could construct a devoted electrical automobile (EV) manufacturing facility in South Korea that may change into its first car plant to open within the nation in virtually three many years.

Manufacturing is because of start by 2025, the corporate’s union mentioned in an announcement, relaying a pledge that the corporate had made in wage negotiations.

Hyundai Motor gave no additional particulars in its assertion.

Register now for FREE limitless entry to Reuters.com

In Might, Hyundai Motor Group, which homes Hyundai Motor and Kia Corp (000270.KS), mentioned it could make investments 63 trillion gained ($48.1 billion) in South Korea via to 2025. learn extra

Hyundai Motor’s unionised employees in South Korea voted this month for a potential strike for the primary time in 4 years over calls for for larger wages. They have been additionally offended at administration prioritising funding exterior the nation. learn extra

Hyundai Motor, South Korea’s largest automaker, final opened an car manufacturing facility in South Korea in 1996.

But it surely mentioned in Might it could make investments $5.5 billion to construct full EV and battery manufacturing amenities in Georgia. learn extra

The EV facility in Georgia is scheduled to interrupt floor in early 2023 and start business manufacturing within the first half of 2025, in accordance with Hyundai Motor.

“Gross sales of internal-combustion-engine autos are scheduled to be banned in sure markets so the brand new EV manufacturing facility is significant to Hyundai Motor’s survival,” mentioned Chang Moon-su, an analyst at Hyundai Motor Securities, a subsidiary of the automaker.

Hyundai Motor shares have been flat in noon commerce, whereas benchmark KOSPI (.KS11) was down 1.1%.

($1 = 1,310.5000 gained)

Register now for FREE limitless entry to Reuters.com

Reporting by Heekyong Yang and Byungwook Kim; Modifying by Shri Navaratnam and Bradley Perrett

Our Requirements: The Thomson Reuters Belief Ideas.

Leave a Reply

Your email address will not be published. Required fields are marked *