Hyundai Mobis will invest 90 billion won ($66 million) to build an EV module plant in Ulsan that is dedicated to the Genesis brand.
The Korean auto parts maker on Thursday signed a memorandum of understanding with the Ulsan city government to build the EV parts plant near Hyundai Motor's EV-dedicated plant currently under construction.
The plant will produce critical EV modules like the chassis for Hyundai's luxury brand. The GV90 will be the first Genesis EV to be produced at the automaker's Ulsan plant in 2026.
Ground will be broken within the month, with construction scheduled to finish in the second half of 2025.
The latest investment is part of Hyundai's efforts to meet global demand for its EV parts. The auto parts maker also runs factories in Ulsan, Daegu, Chungju in North Chungcheong and Pyeongtaek in Gyeonggi.
Mobis is currently constructing an EV battery system factory for Volkswagen in Spain. It recently built an EV module plant just for Mercedes-Benz in Alabama.
Other overseas plants are located in China and the Czech Republic.
"Hyundai Mobis will strengthen our partnership with clients by stably supplying modules for various EV models," said Lee Hyun-woo, senior vice president of the module business unit at Hyundai Mobis.
