Hyundai Mobis' investments hint at significant expansion in BEV sales from Hyundai, Kia and Genesis brands.

Hyundai Mobis - a subsidiary of Hyundai Motor Group (Hyundai and Kia) - officially broke ground for its second electric vehicle parts plant in South Korea.

The new facility in Ulsan will supply components for all-electric cars at a rate of around 100,000 per year. The plant will start operation in early 2021 through an investment of 300 billion won ($247 million).

"The company will continue to invest in next-generation vehicle technologies and related manufacturing facilities to preemptively respond to rising demand for autonomous and electrified vehicles despite growing uncertainties in business environments,"

The primary facility for environment-friendly car parts is located in Chungju and can provide parts for roughly 400,000 cars, but those include various types of powertrains.

"To secure competitiveness in the burgeoning future vehicle markets, Hyundai Mobis plans to spend a total of 4 trillion won, including the latest investment, for the next three years not only to build or expand related facilities but to take over foreign rivals with advanced future car technologies, a company spokesman said."

Source: Yonhap News Agency via evspecifications.com