Hyundai Motor to build first fully dedicated EV factory in S.Korea -union

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo

SEOUL, July 12 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) plans to build its first fully dedicated electric vehicle (EV) factory in South Korea, targeting production by 2025, the automaker’s union said on Tuesday, citing its leader.

In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp (000270.KS), announced its plans to invest 63 trillion won ($48.07 billion) in South Korea through 2025. read more

Hyundai Motor was not immediately available for comment. The union said in a statement that the company made the pledge during ongoing wage negotiations.

Earlier this month, Hyundai Motor’s unionised workers in South Korea voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritising overseas investment. read more

The announcement comes after South Korea’s largest automaker said in May it planned to invest $5.5 billion to build full EV and battery manufacturing facilities in Georgia.

The EV facility in Georgia is scheduled to break ground in early 2023 and begin commercial production in the first half of 2025, according to Hyundai Motor.

($1 = 1,310.5000 won)

Reporting by Heekyong Yang and Byungwook Kim; Editing by Kim Coghill & Shri Navaratnam

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