Hyundai Mobis to invest $257 mn in EV parts plants in Slovakia

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Hyundai Mobis to invest $257 mn in EV parts plants in Slovakia - Korea Economic Daily

Quick Summary:

It set aside about 95 billion won for the braking system and airbag facility.“We will expand electrification business opportunities in Central Europe based on the new PE system plant in Novaky under the support of the Slovak government,” said Hyundai Mobis CEO Lee Gyusuk at the signing ceremony for the project.

Hyundai Mobis Co., the world’s fifth-largest auto parts maker, agreed to invest some 350 billion won ($256.9 million) in building electric vehicle component factories in Slovakia to further expand its presence in Europe, the global No.2 EV market, with expectations of an eventual recovery in the eco-friendly car industry.

Slovak Prime Minister Robert Fico said the government is poised to provide some 26 million euro ($28 million) in incentives to Hyundai Mobis for the Novak factory as the project should contribute to the post-coal transformation of the region, according to foreign media.