South Korean components manufacturer Hyundai Mobis announced it plans to invest KRW380bn (US$321m) in a new production facility for electric vehicle components in the country. 

The new factory will be built near Ulsan in the south-west, according to company sources, next to Hyundai Motor's main vehicle production plant. 

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Mobis currently has an EV parts factory in Chungju, 150km south of Seoul, making drive motors, electronic driving units and integrated battery modules for electric and hybrid vehicles.

According to local reports, citing a company source, the new investment will support Hyundai Motor plans to build 40,000 hydrogen fuel cell electric vehicles annually by 2022, rising to 500,000 by 2030.

Hyundai Mobis is South Korea's largest component manufacturer with cross-shareholdings with the Hyundai Motor Group and its main shareholders. It generated a turnover of KRW35,149bn (US$29.7bn) in 2018, mainly from supplying technology and components to Hyundai Motor and Kia Motors worldwide.

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