Hyundai Mobis will build an electric vehicle portion plant, the auto portion maker announced Wednesday.
The plant to be built in Pyeongtaek, Gyeonggi Province, will be the company’s third power vehicle production plant after Chungju in North Chungcheong Province in 2013 and Ulsan in July.
Hyundai Mobis will invest 35.5 billion W in the new plant, which is expected to begin structuring next month (US$1 – 1,187 W). The company aims to produce portions for 150,000 electric cars in line with the year from the time of next year.
“Demand for portions of electric vehicles is booming as electric cars gain popularity in the automotive market,” said a Hyundai Mobis member.