A New Step Towards the Electric Vehicle World

Hyundai Motor Company plans to build its first fully dedicated electric vehicle manufacturing plant in South Korea, according to the company's labor union on Tuesday. The company aims to start production by 2025. In May, the Hyundai Group, which includes Hyundai Motor and Kia Corp, announced plans to invest 63 trillion won ($48.07 billion) in South Korea by 2025. The union stated that the company made this commitment during ongoing wage negotiations, but Hyundai Motor did not comment on the new plant. Earlier this month, members of the Hyundai Motor labor union in South Korea voted in favor of a potential strike for the first time in four years due to demands for wage increases and anger over management prioritizing foreign investments. This announcement comes after South Korea's largest automaker stated in May that it plans to invest $5.5 billion to build an electric vehicle and battery plant in Georgia, USA. Construction of the Georgia plant is set to begin in early 2023, with commercial production expected to start in the first half of 2025, according to Hyundai Motor.