Hyundai Mobis to build $66 million Genesis EV parts plant in Ulsan

Home > Business > Industry

print dictionary print

Hyundai Mobis to build $66 million Genesis EV parts plant in Ulsan

Hyundai Mobis CEO Lee Gyu-suk, left, shakes hands with Ulsan Mayor Kim Doo-kyum after signing an agreement to invest $66 million to build an EV module plant in the city on Thursday. [HYUNDAI MOBIS]

Hyundai Mobis CEO Lee Gyu-suk, left, shakes hands with Ulsan Mayor Kim Doo-kyum after signing an agreement to invest $66 million to build an EV module plant in the city on Thursday. [HYUNDAI MOBIS]

 
Hyundai Mobis will invest 90 billion won ($66 million) to build an EV module plant in Ulsan that is dedicated to the Genesis brand.
 
The Korean auto parts maker on Thursday signed a memorandum of understanding with the Ulsan city government to build the EV parts plant near Hyundai Motor's EV-dedicated plant currently under construction.

Related Article

 
The plant will produce critical EV modules like the chassis for Hyundai's luxury brand. The GV90 will be the first Genesis EV to be produced at the automaker's Ulsan plant in 2026.
 
Ground will be broken within the month, with construction scheduled to finish in the second half of 2025.
 
The latest investment is part of Hyundai's efforts to meet global demand for its EV parts. The auto parts maker also runs factories in Ulsan, Daegu, Chungju in North Chungcheong and Pyeongtaek in Gyeonggi.
 
Mobis is currently constructing an EV battery system factory for Volkswagen in Spain. It recently built an EV module plant just for Mercedes-Benz in Alabama.
 
Other overseas plants are located in China and the Czech Republic.
 
"Hyundai Mobis will strengthen our partnership with clients by stably supplying modules for various EV models," said Lee Hyun-woo, senior vice president of the module business unit at Hyundai Mobis.

BY SARAH CHEA [[email protected]]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)