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Hyundai Plans to Build First EV Plant in South Korea by 2025

The South Korean automaker plans to invest 63 trillion won ($48.07 billion) in South Korea through till 2025


South Korea has sought a three year exemption for some Korean carmakers selling EVs in the US, its foreign ministry said on Friday.
Hyundai has begun work on a new plant to make electric vehicles in Georgia. Seoul wants firms such as Hyundai to retain US tax credits for three years till its new factory is up and running. Photo: Reuters.

 

Hyundai Motor Co plans to build its first electric vehicle (EV) factory in South Korea and it should begin production by 2025, the automaker’s union said, citing its leader.

The South Korean automaker revealed its plans in May to invest 63 trillion won ($48.07 billion) in South Korea through till 2025.

Hyundai Motor was not immediately available for comment. The union said in a statement that the company made the pledge during ongoing wage negotiations.

Earlier this month, Hyundai Motor’s unionised workers in South Korea voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritising overseas investment.

The announcement comes after South Korea’s largest automaker, which houses Hyundai Motor and Kia Corp, said in May it planned to invest $5.5 billion to build full EV and battery manufacturing facilities in Georgia.

The EV factory in Georgia is scheduled to break ground in early 2023 and begin commercial production in the first half of 2025, according to Hyundai Motor.

 

  • Reuters with additional editing by Jim Pollard

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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