Hyundai to build EVs and infrastructure across Singapore
Hyundai Motor is looking to make Singapore its regional hub for electric vehicles (EVs) by joining forces with the country’s biggest electricity and gas provider.
Hyundai Motor said Thursday it signed an agreement with SP Group, a local state-owned electricity and energy distribution company, to cooperate on building charging infrastructure for EVs in the country and to research recycling used batteries. The two will also work together on the Baas business, or Battery-as-a-Service, to prepare for the rising demand.
The carmaker's move comes after it broke ground last month on construction of one of its biggest global innovation centers, dubbed the Hyundai Motor Group Innovation Center in Singapore (Hmgics) in the western neighborhood of the island. Hmgics will be dedicated to open innovation on future mobility including eco-friendly vehicles and flying cars.
Hyundai Motor Group and SP Group will work together to lower the entry barrier for electric vehicles for local residents, such as making the vehicle cheaper or offering new types of EV mobility services as eco-friendly vehicles don't have a strong presence in the country yet.
“Hyundai Motor Group plans to utilize SP Group’s database on its charging infrastructure to introduce a lease-type of battery for EVs, ways to recycle used batteries and extract useful components from dead batteries such as lithium, nickel and cobalt to make additional economic value," Hyundai Motor said in a release.
Singapore doesn’t have any auto manufacturing facilities in the country and doesn't have strong demand for car ownership as the country levies heavy taxes on those who purchase cars, but the government has recently set out an ambitious plan for green mobility, planning to phase out petrol or diesel-running cars by 2040.
The Hmgics will house an EV manufacturing facility which it plans will produce 30,000 units per year, although the exact capacity is yet to be determined.
SP Group pledged to build some 1,000 chargers around the island by the end of this year.
“Through this partnership with Hyundai, we are making low-carbon mobility solutions more accessible to vehicle owners," said Stanley Huang, chief executive officer at SP Group, through a release Thursday. "EVs are a key pillar in SP’s strategy to introduce more low-carbon, smart energy solutions to help achieve Singapore’s sustainability goals.”
BY JIN EUN-SOO [email@example.com]