Hyundai Motor to invest $1.5 bln to build EV factory in South Korea

Hyundai Mobis

09/05/2023 07:00

SEOUL, May 9 (Reuters) - Hyundai Motor Co  005380.KS 
plans to invest around 2 trillion won ($1.51 billion) in Ulsan,
South Korea to build a designated electric vehicle (EV) factory,
South Korea's finance ministry said on Tuesday. 
    The new plant is set to break ground in the fourth quarter,
the finance ministry said in a statement.  
    The investment is part of a previously announced plan by
Hyundai Motor Group, which includes Hyundai Motor, Kia Corp
 000270.KS  and Hyundai Mobis Co Ltd  012330.KS , to invest 24
trillion won in South Korea's EV industry through 2030. 
   ($1 = 1,320.9300 won)

 (Reporting by Heekyong Yang; Editing by Jacqueline Wong)
 ((Heekyong.Yang@thomsonreuters.com;))