South Korean automotive manufacturer Hyundai Motor Said on Tuesday, that it would construct the first dedicated Electric vehicle plant in South Korea and that would become the company’s first EV production plant in the homeland after so many decades.
The construction is under development, and the official production will kickstart by 2025, the company’s union reported in a statement, passing on the vow that the automobile firm had made significant wage negotiations.
The company hasn’t provided any more details on the statement. In May, the company mentioned that it has planned to invest 63 trillion won (49.66 billion dollars ) in South Korea by 2025 to broaden its rivals in different departments to frame its name on the sand. The company wishes to widen its field in electrification, robotics, urban air mobility, and autonomous driving technology.
Synchronously Hyundai Motor has also progressively increased its investment in Indonesia, the United States, and other places to keep the pace get going in the countries. In March 2022, the company invested 1.55 billion US dollars to build a production factory of 777,000 square meters in Indonesia; with the factory out of the way, the company also plans to build a constant relationship with LG Energy solutions cooperation to develop a 100GWh battery factory in Indonesia.
The firm has also forethought of investing more than $10 billion in the U.S. by 2025, including a $5.5 billion investment in a new electric vehicle and battery facility in the U.S. state of Georgia. According to Hyundai Motor, The EV facility in Georgia is likely to take off ground in early 2023 and start commercial production in the first half of 2025.