Hyundai Mobis to invest W380 bln for new EV parts plant

SEOUL, July 25 (Yonhap) -- Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday that it will invest 380 billion won (US$322 million) to build a EV parts plant in the country.

The company already operates an electric vehicle (EV) parts plant in Chungju, 150 kilometers south of Seoul. The second EV parts facility will be built near the southwestern city of Ulsan where Hyundai Motor Co. runs its main plant, a company spokesman said over the phone.

"The expansion is part of Hyundai Motor Group's broader plan to produce 40,000 hydrogen fuel-cell electric vehicles by 2022 and 500,000 hydrogen cars by 2030, up from 3,000 at the end of last year," he said.

Hyundai Mobis provides auto components to Hyundai Motor and Kia Motors Corp. They are three major affiliates of Hyundai Motor Group.

kyongae.choi@yna.co.kr
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