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Hyundai plans to assemble an electrical automobile (EV) module plant in South Korea. Hyundai’s funding reveals that it nonetheless believes electrical automobiles are the longer term regardless of a slowing market.
On Thursday, Could 9, 2024, Hyundai signed an funding memorandum of understanding with the Ulsan Metropolitan Metropolis. Ulsan Mayor Kim Du-gyeom and Hyundai Mobis CEO Lee Gyu-suk attended the signing, reported the Korea Herald.
The EV module plant’s anticipated completion date is late 2025. Hyundai’s module plant in Ulsan will provide essential EV components to automakers, together with driver’s seat modules. The plant will even manufacture a chassis module that will likely be delivered with Hyundai’s Energy Electrical (PE) system. The chassis module will likely be an important a part of the structural system of future EVs. It can combine features like suspension, steering, and braking.
Hyundai Motor Group’s components and repair arm, Hyundai Mobis, will likely be in control of constructing the EV module plant in South Korea. The Asian automaker plans to take a position roughly $65 million on the EV module plant.
The EV module plant will broaden Hyundai Mobis’ manufacturing community in South Korea. At present, Mobis’ manufacturing community consists of battery system and PE system crops in Ulsan, Daegu, Chinju, and Pyeongtaek.
Hyundai’s funding in an EV module plant reveals its dedication to the way forward for electrical automobiles. Final month, the South Korean automaker shaped a partnership with Japanese materials producer Toray Industries to boost EV efficiency. Hyundai can also be investing practically $1 billion to develop self-driving know-how.
Nonetheless, even Hyundai isn’t resistant to the slowing EV market. In April 2024, Hyundai determined to make investments in hybrid manufacturing at its Georgia Metaplant which was initially a devoted manufacturing facility for EV manufacturing.
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