Carmaker in Could introduced plans to take a position $5.5bn in EV and battery manufacturing amenities in US state of Georgia.
South Korea’s Hyundai Motor Co plans to construct its first absolutely devoted electric vehicle (EV) factory in South Korea, focusing on manufacturing by 2025, the automaker’s union mentioned on Tuesday, citing its chief.
In Could, Hyundai Motor Group, which homes Hyundai Motor and Kia Corp, introduced its plans to take a position 63 trillion received ($48bn) in South Korea by means of 2025.
Hyundai Motor was not instantly out there for remark. The union mentioned in a press release that the corporate made the pledge throughout ongoing wage negotiations.
Earlier this month, Hyundai Motor’s unionised employees in South Korea voted for a attainable strike for the primary time in 4 years over calls for for larger wages and anger that administration was prioritising abroad funding.
The announcement comes after South Korea’s largest automaker mentioned in Could it deliberate to take a position $5.5bn to construct full EV and battery manufacturing amenities in the USA.
The EV facility within the state of Georgia is scheduled to interrupt floor in early 2023 and start business manufacturing within the first half of 2025, based on Hyundai Motor.