Hyundai plans to build the first electric vehicle factory in South Korea. The automotive giant targets the production of the new factory to be carried out in 2025.
This is in line with the plan of the Hyundai Motor Group, which oversees Hyundai Motor and Kia Corp., to invest 63 trillion won or the equivalent of US$ 48.07 billion in South Korea until 2025.
According to a Reuters report (12/7), the union said the company made the promise during ongoing wage negotiations. Meanwhile, Hyundai Motor did not immediately comment on the plan to build the electric vehicle factory.
Earlier this month, South Korea’s Hyundai Motor union had intended to go on strike for the first time in four years. This was done over demands for higher wages and anger that Hyundai’s management is prioritizing overseas investment.
The announcement of the construction of an electric vehicle factory in the country of Ginseng comes after South Korea’s largest automaker announced it would invest US$ 5.5 billion to build a full-fledged EV and battery manufacturing facility in Georgia, United States (US).
The EV facility in Georgia is scheduled to start in early 2023 and start commercial production in the first half of 2025, Hyundai Motor said in May.
