Hyundai announced plans to build an electric vehicle (EV) module plant in South Korea, demonstrating its confidence in the future of electric vehicles despite a sluggish market. The plant is expected to be completed by late 2025 and will supply critical EV parts, including driver’s seat modules and a chassis module integrated with Hyundai’s Power Electric (PE) system. The chassis module will play a key role in the structural system of future EVs, encompassing functions such as suspension, steering, and braking. The project will be overseen by Hyundai Motor Group’s parts and service division, Hyundai Mobis, with an investment of around $65 million.
This initiative aims to expand Hyundai Mobis’ manufacturing network in South Korea, which currently includes battery system and PE system plants in Ulsan, Daegu, Chinju, and Pyeongtaek. Hyundai’s investment in the EV module plant underscores its dedication to the advancement of electric vehicles. Furthermore, the company recently partnered with Japanese material manufacturer Toray Industries to bolster EV performance. Nonetheless, Hyundai is not immune to the challenges posed by the decelerating EV market, as evident from its decision to press forward with the construction of the module plant amidst the industry’s slowdown.