South Korean media reports that Hyundai Mobis - a subsidiary of Hyundai Motor Group (Hyundai and Kia) - will invest 380 billion won ($322 million) in an "EV parts" plant near Ulsan.

Details are currently scarce, but there is a strong suggestion that the investment is mostly related to hydrogen fuel cell cars. A company spokesman said:

"The expansion is part of Hyundai Motor Group's broader plan to produce 40,000 hydrogen fuel-cell electric vehicles by 2022 and 500,000 hydrogen cars by 2030, up from 3,000 at the end of last year,"

Hyundai Mobis currently operates a plant engaged in electric vehicle parts in Chungju, South Korea, but as electrification progresses, more serious investments are needed.

Our hope is that most of the focus will remain on the all-electric side as Hyundai/Kia proved the ability to offer compelling mainstream models at relatively attractive prices.


Source: Yonhap News Agency via

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