Hyundai Motor to shut South Korean parts plants in pivot toward EVs
Reuters
Published Dec 21, 2023 03:49AM ET
SEOUL (Reuters) - Hyundai Motor (OTC:HYMTF) said on Thursday it plans to stop operations at two parts forging plants in South Korea next year as the automaker accelerates a shift away from petrol-powered cars.
The plants in Ulsan, South Korea, which have been in operation since 1991 making engine parts, are expected to be closed in January and October, respectively.
Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, is gradually reducing the proportion of internal combustion engines in its finished cars in favour of electrified vehicles.
In November, it broke ground on a 2 trillion won plant dedicated to making electric vehicles (EVs) in South Korea.
A Hyundai spokesperson said it is reviewing outsourcing some of the engine components manufacturing done at the facilities for the time being.
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Written By: Reuters
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