South Korean components manufacturer Hyundai Mobis has begun construction this week of a second production facility for electric vehicle components in the country and gave an update on its investment plan for the facility.
The new plant is now under construction near the city of Ulsan in the South-west of the country, next to Hyundai Motors main vehicle production plant and is scheduled to be completed in early 2021 at a cost of KRW380bn (US$312m).
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Mobis currently has an EV parts production facility in Chungju, some 150 km south of Seoul, making drive motors, electronic driving units and integrated battery modules for electric and hybrid vehicles.
According to Hyundai Mobis, the new plant will have the capacity to supply all the electric drive components needed to make 100,000 electric vehicles per year, mainly to support Hyundai Motor's growth plans in this segment.
In a statement, Hyundai Mobis said it 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".
Hyundai Mobis is South Korea's largest component manufacturer with cross-shareholdings with the Hyundai Motor Group. It generated a turnover of KRW35,149bn (US$29.7bn) in 2018, mainly from supplying leading-edge technologies and components to Hyundai Motor and Kia Motors worldwide.
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