Hyundai Motor to build first fully dedicated EV factory in S.Korea -union

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SEOUL (Reuters) -South Korea’s Hyundai Motor Co plans to build its first fully dedicated electrical car (EV) factory in South Korea, focusing on manufacturing by 2025, the automaker’s union mentioned on Tuesday, citing its chief.

In May, Hyundai Motor Group, which homes Hyundai Motor and Kia Corp, introduced its plans to make investments 63 trillion gained ($48.07 billion) in South Korea by means of 2025.

Hyundai Motor was not instantly obtainable for remark. The union mentioned in an announcement that the corporate made the pledge throughout ongoing wage negotiations.

Earlier this month, Hyundai Motor’s unionised staff in South Korea voted for a potential strike for the first time in 4 years over calls for for increased wages and anger that administration was prioritising abroad funding.

The announcement comes after South Korea’s largest automaker mentioned in May it deliberate to make investments $5.5 billion to build full EV and battery manufacturing services in Georgia.

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

($1 = 1,310.5000 gained)

(Reporting by Heekyong Yang and Byungwook Kim; Editing by Kim Coghill & Shri Navaratnam)



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