Hyundai Motor plans to build its first electric vehicle-specific plant in South Korea

The Hyundai Motor Union plans to build South Korea's first electric vehicle-specific plant, with the aim of starting production in 2025, citing its leaders as saying on Tuesday. In May, Hyundai Motor Group said it planned to invest 63 trillion won ($49.66 billion) in South Korea by 2025 to enhance its competitiveness in different business areas, including electrification, robotics, and urban air mobility, Reuters reported. and autonomous driving technology.

At the same time, Hyundai Motor has also increased its investment in Indonesia, the United States, and other places. In March 2022, the company invested 1.55 billion US dollars to build a factory of 777,000 square meters in Indonesia; in addition to the automobile factory, it will also cooperate with LG Energy solutions cooperation to build a 100GWh battery factory in Indonesia.

Hyundai plans to invest more than $10 billion in the U.S. by 2025, including a $5.5 billion investment in a new electric vehicle and battery facility in the U.S. state of Georgia.

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