- In 2025, the first domestic EV-dedicated plant will commence operations in South Korea.
- Hyundai unveiled a Won63tn ($48.1bn) investment plan through 2025 in its native nation.
- Union members are also dissatisfied with the company’s plan to invest $5.5bn in the US for an EV factory in Georgia.
Hyundai Motor plans to build its first electric vehicle factory in South Korea next year as the company accelerates its shift to greener cars to meet surging global demand.
Monday’s pay negotiations with the labor union resulted in an agreement on the plan, the union announced Tuesday. In 2025, the first domestic EV-dedicated plant will commence operations.
Hyundai unveiled in May a Won63tn ($48.1bn) investment plan through 2025 in its native nation, as the new South Korean government pushes local business expenditure. In 1996, Hyundai last opened a facility in South Korea.
It is also considered a move to appease the union, which voted for a strike earlier this month to demand greater salaries. Union members are also dissatisfied with the company’s plan to invest $5.5 billion in the United States to construct an EV factory in Georgia.
The Georgia facility will begin construction in the first half of 2025 after breaking ground early in 2019.
Hyundai and Kia’s Ioniq 5 and EV6 electric vehicles, introduced earlier this year, are selling well in the United States, pleasing Tesla CEO Elon Musk as EV adoption increases in the country.
By 2030, Hyundai intends to control 12 percent of the worldwide EV market.
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