In a move to solidify its position in the electric vehicle (EV) market, Hyundai Mobis Co., South Korea’s premier auto parts maker, announced plans to construct a cutting-edge EV module plant in Ulsan, a strategic industrial hub in the southeastern part of the country.
The company’s decision to invest 90 billion won (US$65.8 million) in this new facility underscores its commitment to staying ahead in the rapidly evolving EV landscape. This move comes hot on the heels of a memorandum of understanding signed with the Ulsan city government, marking a significant milestone in the company’s expansion strategy.
The upcoming plant, located near Hyundai Motor Co.’s dedicated EV facility in Ulsan, will play a pivotal role in supplying crucial components such as chassis modules and driver seat modules for the luxurious Genesis EV models. This positioning ensures seamless integration into Hyundai’s broader EV ecosystem, further strengthening the group’s foothold in the electric vehicle market.
With an ambitious completion target set for the second half of 2025, Hyundai Mobis is poised to meet the escalating demand for EV components, fueled by the global shift towards sustainable mobility solutions. This move aligns with the company’s vision of being at the forefront of the EV revolution, driving innovation and setting new benchmarks in the automotive industry.
Hyundai Mobis already boasts a strong domestic presence, with battery system and power electric system factories strategically located in key cities like Ulsan, Daegu, Cheongju, and Pyeongtaek. Internationally, the company operates battery system plants in China and the Czech Republic, catering to the robust demand for EV components within the Hyundai Motor Group.
This latest investment in Ulsan is part of Hyundai Mobis’s broader global expansion strategy, which includes the construction of a new battery system factory in Indonesia and the establishment of production bases to support Hyundai Motor Group’s new EV plant in the United States. These strategic initiatives underscore Hyundai Mobis’s unwavering commitment to innovation, sustainability, and growth in the burgeoning EV market.
As Hyundai Mobis accelerates its EV ambitions, the company is poised to play a pivotal role in shaping the future of mobility, driving technological advancements, and redefining the automotive landscape. With its latest investment in Ulsan, Hyundai Mobis is gearing up to lead the charge towards a greener, more sustainable future.
(Source: Just Auto | The Investor | Korea Business Wire)
