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Report: Hyundai Mobis Investing US$322 million on Building EV and Fuel Cell Component Factory in South Korea

By July 31, 2019

July 31, 2019

In a story out of South Korea last week, it was reported that Hyundai Mobis Co., South Korea’s biggest auto parts maker plans to invest 380 billion won (US$322 million) to build a EV parts plant.

The details are still not public but it seems that this is mostly related to hydrogen fuel cells as Hyundai company spokesperson told the Yonhap new agency, “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 already operates a hydrogen vehicle parts plant in Chungju, 150 kilometers south of Seoul.

More to follow as details become available.

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