Hyundai Motor to invest $1.5 billion to build EV factory in South Korea: Details

Hyundai Motor Co has annoucned to invest around 2 trillion won ($1.51 billion) in Ulsan, South Korea to build a designated electric vehicle (EV) factory. As per a report by Reuters, the new plant is set to break ground in the fourth quarter, the finance ministry said in a statement.

The report says that the investment is part of a previously announced plan by Hyundai Motor Group, which includes Hyundai Motor, Kia Corp and Hyundai Mobis Co Ltd, to invest 24 trillion won in South Korea's EV industry through 2030. 

In another news, Hyundai India has started accepting bookings for the Exter SUV. Those interested in owning the upcoming Hyundai car can pre book it by paying a token amount of ₹11,000. The micro SUV can be pre-booked via Hyundai dealerships across the country.

Hyundai Exter SUV can also be booked online via the auto manufacturer’s ‘Click to Buy’ platform. Hyundai has revealed that the micro SUV will come in 5 trim options – EX, S, SX, SX(O) and SX(O) Connect.

Hyundai Exter will be equipped with 3 powertrain options - 1.2 l Kappa Petrol engine (E20 Fuel Ready) available with 5-speed manual transmission (5MT) and Smart Auto AMT (Automated Manual Transmission) and 1.2 l Bi-fuel Kappa petrol with CNG engine equipped with 5-speed Manual transmission. The company claims that all powertrains are tuned to deliver consistent performance in diverse conditions and will ensure a delightful driving experience.

Commenting on commencement of bookings for Hyundai EXTER, Mr. Tarun Garg, COO, Hyundai Motor India Ltd., said, “We are glad to announce the commencement of bookings for our latest new SUV - Hyundai EXTER. With this new SUV, we are venturing into a new segment that further enhances HMI’s position as a full range SUV manufacturer. Considering the aspirations and lifestyle of Gen Z customers, Hyundai EXTER will provide unique and exciting experiences for new age customers. Packed with breakthrough technology and advanced features, Hyundai EXTER is going to disrupt the segment while catering to versatile needs of our customers."