A memorandum of understanding has been signed between Ulsan Metropolitan City, Korea and Hyundai Mobis to set up a new electric vehicle modules factory in Korea.
The factory, which is likely to be functional by late 2025 will be manufacturing essential modules for cockpit and chassis for Genesis EVs. This will include components like steering, suspension and braking for chassis modules, infotainment systems and airbags for cockpit modules.
The new factory in Ulsan represents the company’s efforts to respond to the growing EV market. Hyundai Mobis is currently building a BSA factory in Indonesia, producing battery systems in China and the Czech Republic and has opened a production base in Alabama (U.S.) to provide EV modules to Mercedes-Benz.