Hyundai Mobis Expands Electrification Operations
Hyundai Mobis is excited to announce the signing of an investment agreement with the Slovak government to establish its very first European production facility dedicated to Power Electric (PE) systems in Novaky. This significant milestone reinforces our commitment to advancing electrification in the automotive industry.
The Significance of the New Plant
The new plant is set to have an impressive annual production capacity of 300,000 units, with completion scheduled for the latter half of next year. This location will serve as our third electrification hub in Europe, expanding upon our existing operations in both the Czech Republic and Spain.
Details on the Investment Agreement
During the recent signing ceremony, which was attended by Hyundai Mobis President Lee Gyu Suk and Slovak Prime Minister Robert Fico, it was revealed that Hyundai Mobis will invest approximately KRW 350 billion into the new Slovak facility. The PE system plant will occupy an area of about 105,700 square meters, with KRW 250 billion specifically allocated towards its construction. This plant will focus on manufacturing PE systems, critical components that integrate electric motors and inverters for optimal vehicle performance.
Commitment to Growing the European Market
Hyundai Mobis is proactively expanding its electrification business by establishing this new production base. At the ceremony, President Lee expressed confidence that this investment will enhance our operations in Central Europe, positioning Hyundai Mobis as a vital player in the electric vehicle sector through innovative and sustainable practices.
Expanding Product Portfolio
In addition to the PE systems, Hyundai Mobis is also constructing new facilities for brake system and airbag production within our existing Zilina site. This strategic move will ensure that we can meet the increasing demand for advanced vehicle safety features in the European market. With a keen focus on innovation, Hyundai Mobis continually aims to enhance its product offerings, leveraging cutting-edge technology to deliver top-tier automotive components.
About Hyundai Mobis
Hyundai Mobis stands as the sixth-largest global automotive supplier, with our headquarters located in Seoul, Korea. We specialize in an array of cutting-edge automotive components, including electrification systems, braking systems, chassis components, and more. Our extensive investment in research and development is complemented by technology centers dispersed across several countries, including the United States, Germany, China, and India.
Frequently Asked Questions
Why is Hyundai Mobis expanding its operations in Europe?
The expansion is driven by the growing demand for electric vehicle components and the need to enhance production capabilities in the European market.
What is the expected completion date for the new plant?
The new plant is targeted for completion in the latter half of next year.
How much is Hyundai Mobis investing in the new facility?
Hyundai Mobis will invest approximately KRW 350 billion in the Slovak production base.
What product will the new plant in Slovakia focus on?
The plant in Slovakia will focus on the production of Power Electric (PE) systems.
Where else does Hyundai Mobis operate in Europe?
In addition to the new facility in Slovakia, Hyundai Mobis also has operations in the Czech Republic and Spain.
