Hyundai Mobis signs investment agreement with Slovakian government
Investing 250 billion won to produce Europe’s first electric vehicle PE system
Third electrification hub in Europe after Czech Republic and Spain
Aiming to complete construction by the second half of next year with a production capacity of 300,000 units
Expanding local production in response to protectionist trade policies in Europe
Also investing 95 billion won in brake system and airbag production plants
Hyundai Mobis President Lee Kyu-seok (left) and Slovakian Prime Minister Robert Fico announced an investment agreement for the construction of a new plant in Slovakia at the Slovakian presidential residence on the 15th local time. Provided by Hyundai Mobis
Schematic diagram of the new electrification plant in Slovakia. Provided by Hyundai Mobis
, ‘[Financial News] Hyundai Mobis is strengthening its electrification business targeting global automakers such as Hyundai, Kia, and other major automakers by establishing a new electric vehicle core component plant for power electronic (PE) systems in Europe. This new facility in Slovakia will be the third electrification hub in Europe, following the ones in the Czech Republic and Spain, and the first production base for PE systems in Europe. With the growing protectionist trade environment in Europe and the shift of major automakers towards electric vehicles, Hyundai Mobis aims to expand its global electrification business opportunities through proactive investments and localization strategies.’,
, ‘Hyundai Mobis announced on the 15th local time that it has signed an investment agreement with the Slovakian government to establish a new plant for PE systems, which are core components for electric vehicles, in the Novaki region of Slovakia, as well as to build a new factory for producing braking systems for electric vehicles within the existing Zilina plant. The signing ceremony took place at the Presidential Palace in Bratislava, Slovakia and was attended by Hyundai Mobis President Lee Kyu-seok and Slovakian Prime Minister Robert Fico.’,
, ‘Currently, Hyundai Mobis produces battery systems (BSA) in the Czech Republic and is building a battery system plant in Spain for Volkswagen supply. The Novaki plant in Slovakia is the first production base in Europe for PE systems, another key component in the electrification field. The PE system integrates an electric motor, inverter, and reducer to form a drive unit for electrified vehicles.’,
, ‘President Lee Kyu-seok stated, “Under the support of the Slovakian government, we will expand our electrification business opportunities in the Central European region through the construction of the new PE system plant in the Novaki region.” Since establishing its Slovakian subsidiary (MSK) in early 2004 and building a module plant in the Zilina region, Hyundai Mobis has maintained business cooperation with the Slovakian government for over 20 years.’,
, ‘Approximately 350 billion won will be invested in establishing this new hub in Slovakia. The new electrification production hub will be located on a site of about 105,700 square meters, equivalent to 14 soccer fields, with a total investment of 250 billion won and aiming for completion by the second half of next year. Once this plant is completed, a production hub for PE systems with a capacity of 300,000 units in Europe will be established. An investment of 95 billion won will also be made in the construction of new brake system and airbag production plants within the existing Zilina plant in Slovakia.’,
, ‘Slovakia is home to global automakers such as Kia, Volkswagen, Stellantis, and Jaguar Land Rover, and Volvo is also building a plant dedicated to electric vehicles. Hyundai Mobis plans to utilize the establishment of a new electrification hub in a location where global automakers are congregating as a cornerstone in conquering the European electrification market. While global automakers have been accelerating their transition to electric vehicles, the European electric vehicle market, the second largest in the world after China, is expected to continue its steady growth. An official from Hyundai Mobis explained, “We will expand electrification hubs in strategic locations both domestically and internationally.”‘, ‘, ‘]