SEOUL: South Korea’s Hyundai Motor Co plans to build its first fully dedicated electric vehicle (EV) factory in South Korea, aiming for production by 2025, the automakers’ union said Tuesday, citing its leader.
In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, announced plans to invest 63 trillion won ($48.07 billion) in South Korea through 2025.
Hyundai Motor was not immediately available for comment. The union said in a statement that the company made the commitment during ongoing wage negotiations.
Earlier this month, unionized workers at Hyundai Motor in South Korea voted to go on strike for the first time in four years over demands for higher wages and anger that management is prioritizing investment abroad.
The announcement comes after South Korea’s biggest automaker said in May that it plans to invest $5.5 billion to build comprehensive electric vehicle and battery manufacturing facilities in Georgia.
Electric vehicle installation in Georgia is expected to start in early 2023 and begin commercial production in the first half of 2025, according to Hyundai Motor.
($1 = 1,310.5000 won)