ULSAN < invest Korea

[Courtesy of Hyundai Mobis]

According to Pulse by Maeil Business News Korea,

Hyundai Mobis said on Thursday that it plans to build a new electric vehicle (EV) module factory in Ulsan. The factory will supply core modules for Hyundai Motor’s next-generation EVs.

The company said that it signed a memorandum of understanding (MOU) with the city of Ulsan for the facility. Hyundai Mobis will invest 90 billion won ($65.8 million) for its construction, with a target completion date set for the latter half of 2025.

Located near Hyundai Motor’s new electric vehicle plant in Ulsan, Hyundai Mobis’ new EV module factory will produce chassis and driver seat modules for Genesis EV models.

The chassis module will be produced in a form that combines power electric (PE) systems, including electric motors and inverters. The driver seat module will also include components such as driving information systems, infotainment, air conditioning, and airbags.

In a bid to gain a larger share of the EV market pie, Hyundai Mobis has been consistently expanding its production bases for electrification components both domestically and internationally.

In South Korea, the company operates battery system assembly (BSA) and PE system factories in Ulsan, Daegu, Chungju in Chungbuk Province, and Pyeongtaek in Gyeonggi Province. It also supplies BSAs produced in China and the Czech Republic to Hyundai Motor Group and is currently building a battery system factory in Indonesia.



By Moon Gwang-min and Minu Kim

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (May 10, 2024)