Hyundai Mobis investing 94.8 billion won to build logistics center in Gyeongju

Industry

Published: 10 Nov. 2022, 17:38

Hyundai Mobis investing 94.8 billion won to build logistics center in Gyeongju

A bird's-eye view of Hyundai Mobis' logistics center in Gyeongju, North Gyeongsang. [HYUNDAI MOBIS]

Hyundai Mobis is investing 94.8 billion won ($69 million) to build a logistics center in Gyeongju, North Gyeongsang, as part of efforts to quickly respond to the growing demand for auto parts of electric vehicles (EVs).

Mobis signed a memorandum of understanding (MOU) with the North Gyeongsang provincial government and Gyeongju city government on Thursday, with Mobis CEO Cho Sung-hwan, North Gyeongsang governor Lee Cheol-woo and Gyeongju city mayor Joo Nak-young in attendance.

The logistics center will serve as a hub to store auto parts from a total of 270 auto parts suppliers in the Yeongnam region. The parts will be sent across the country when needed for Hyundai Motor and Kia vehicles.

Groundbreaking is scheduled for early next year, with operation planned for the end of 2024.

Solar power panels will be installed on the roof of the center, Mobis said, in an effort to contribute to the country's goal of achieving carbon neutrality.

Mobis said it will try to shift from electricity to renewable energies at its local and overseas plants by 2040.

"The latest investment in the logistics center is aimed to supply auto parts to owners of Hyundai and Kia cars more quickly and accurately," said Mobis CEO Cho.

BY SARAH CHEA [chea.sarah@joongang.co.kr]