Hyundai Motor will develop South Korea's first EV-specific plant

Hyundai Motor Co. plans to construct its first dedicated electric vehicle (EV) manufacturing facility in South Korea by 2025, according to the automaker's union, which cited the company's CEO.

Hyundai Motor Group, which consists of Hyundai Motor and Kia Corp, announced in May its aim to invest 48.07 billion dollars in South Korea between now and 2025.

Hyundai Motor was unable to quickly comment. According to a statement published by the union, the promise was made by the company during ongoing salary negotiations.

This month, unionized Hyundai Motor employees in South Korea voted for a potential strike for the first time in four years in reaction to management's emphasis on foreign investment and salary increases.

The announcement comes after South Korea's largest automaker said in May that it planned to invest $5.5 billion in Georgia to build complete EV and battery production facilities.

Hyundai Motor forecasts that construction on the EV facility in Georgia will begin in early 2023, with commercial production commencing in the first half of 2025.