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SEOUL (Reuters) -South Korea’s Hyundai Motor Co plans to build its first fully dedicated electric vehicle (EV) factory in South Korea, targeting production by 2025, the automaker’s union said on Tuesday, citing its leader.
In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, announced its plans to invest 63 trillion won ($48.07 billion) in South Korea through 2025.
Hyundai Motor was not immediately available for comment. The union said in a statement that the company made the pledge during ongoing wage negotiations.
Earlier this month, Hyundai Motor’s unionised workers in South Korea voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritising overseas investment.
The announcement comes after South Korea’s largest automaker said in May it planned to invest $5.5 billion to build full EV and battery manufacturing facilities in Georgia.
The EV facility in Georgia is scheduled to break ground in early 2023 and begin commercial production in the first half of 2025, according to Hyundai Motor.
($1 = 1,310.5000 won)
