This photo provided by Hyundai Mobis Co. shows Slovak Prime Minister Robert Fico (R) and Hyundai Mobis President Lee Gyu-suk at a signing ceremony for an investment agreement between the South Korean company and the Slovak government in Bratislava on Oct. 15, 2024. (Image courtesy of Yonhap)
SEOUL, Oct. 16 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading automotive parts maker, said Wednesday it has signed an investment agreement worth some 350 billion won (US$256.2 million) with the Slovak government to build manufacturing facilities for electric vehicle (EV) parts in the European country.
Hyundai Mobis said it has signed the agreement with the Slovak government to build a 250 billion-won production base for producing power electric (PE) systems, a key EV component, in Novaky, Slovakia.
The company also plans to construct a 95 billion-won factory for EV braking systems within its existing facility in Zilina. Slovak Prime Minister Robert Fico and Hyundai Mobis President Lee Gyu-suk attended a signing ceremony in Bratislava.
Hyundai Mobis said the envisioned plant will span approximately 105,700 square meters and is slated for completion by the second half of 2025. It will have an annual capacity to produce 300,000 PE systems for the European market.
Hyundai Mobis operates a battery system production base in the Czech Republic and is currently building another battery system plant in Spain. The Novaky plant will serve as Hyundai Mobis’ first European production base for PE systems.
The company said it plans to leverage its new electrification hub in Slovakia as a strategic foothold for expanding its presence in the European EV market.
“With the support of the Slovak government, we will expand our electrification business in Central Europe, centered around the new power electric system plant in Novaky,” Lee said at the signing ceremony.
(Yonhap)
