Automobile

Hyundai to Build its first EV Factory in South Korea

Hyundai Motor Corp of South Korea plans to build its first electric vehicle (EV) factory in South Korea, and the company will be operational by 2025. In May 2022, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, has announced its plans to invest 48 billion dollars in the region of South Korea through 2025.

The company was not immediately available for comment, and the union said that the company has made the pledge during the ongoing wage negotiations. Earlier July, 2022, the unionised workers of Hyundai Motors in South Korea has voted for a possible strike for the first time in four years over the demands for high wages and ager that management had been prioritising the overseas investment.

The announcement comes after the largest automobile company of South Korea said it has planned to invest 5.5 billion dollars to build a fully dedicated electric vehicle and battery manufacturing facilities in the United States.

According to the company, the electric vehicle facility in the state of Georgia is scheduled to break ground in early 2023 and start commercial production in the first half of 2025.

Sandy B

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