New info from The Korea Herald reveals Hyundai Mobis, the largest auto parts maker in South Korea, will invest $30 million to expand its EV parts plant. Over $254 million got invested in an EV parts plant in Chungju and Ulsan. The Chungju plant is responsible for many of Hyundai Motor's hydrogen fuel-cell vehicle parts, and the Ulsan plant is the main plant that provides parts for Hyundai Motors as a whole.
Hyundai Mobis Plant Expansion
With Hyundai-Kia's lofty goals to become a top-three global EV manufacturer by 2025, Hyundai Mobis had no choice but to kick it into high gear as EVs' demand is not letting up. Hyundai Mobis aims to produce 150,000 EV modules annually in a parts plant in Pyeongtaek by the second half of 2021. The goal for Hyundai Mobis is to double output capacity at the Pyeongtaek plant by 2026.
Plant expansions aside, Hyundai Mobis will also increase investments in developing chassis modules and smart cabin systems. This investment is for all-electric models and not just for specific autonomous vehicles Hyundai Motors works on.
Hyundai Mobis Conclusion
Hyundai & Kia add up to 90% of overall sales for supplier Hyundai Mobis. With the Korean auto company's ambition to be a top global EV manufacturer, it's no surprise the supplier needs to grow with the automaker. If you're an investor, you might want to put your money on Korea.
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Kevin Meyn is an automotive journalist for Torque News concentrating on Hyundai content. Kevin is the founder of Exhaust Sports Auto Youtube channel, where he does professional car reviews on new and used vehicles. Through the use of various resources and extended Automotive expertise, Kevin documents the latest in automotive news revolving around Hyundai. Kevin graduated from NC State University studying Supply Chain Management but has had a passion for cars since he was a child. Follow Kevin on Twitter and Instagram @exhaustsports.