Ulsan City Attracts Electric Vehicle Modular Parts Factory Worth 90 Billion Won

Ulsan City and Hyundai Mobis Sign Memorandum of Understanding

Establishing a Leading City in the Eco-Friendly Automobile Industry

Ulsan City has attracted an investment of 90 billion KRW from Hyundai Mobis, a global leader in the eco-friendly automobile parts sector, to establish a new electric vehicle modular parts production plant.

This is the largest investment in automobile parts companies since September 2022, when Hyundai Motor Company invested in building a dedicated electric vehicle factory.

On the 9th at 10:30 a.m., Ulsan City and Hyundai Mobis signed a memorandum of understanding (MOU) for the new electric vehicle modular parts factory investment at the reception room on the 7th floor of the city hall main building, attended by Ulsan Mayor Kim Doo-gyeom and Hyundai Mobis CEO Lee Kyu-seok, among others.

According to the MOU, Hyundai Mobis will invest 90 billion KRW to establish an electric vehicle modular parts factory on a 70,397㎡ site within the Ulsan Mipo National Industrial Complex from this month until December 2025, and will cooperate with the city to create jobs locally and revitalize the economy.

The city plans to continuously cooperate with the company and actively provide administrative support such as expedited permits and approvals to ensure the successful promotion and stable settlement of this new factory investment project.

Hyundai Mobis CEO Lee Kyu-seok said, “We thank Ulsan City for their wholehearted support for this new investment. Through this new investment, we will solidify our position as a global leader in the eco-friendly automobile parts sector and ensure stable supply of parts in line with the completion of Hyundai Motor’s electric vehicle factory, leaving no disruptions in electric vehicle production.”

Mayor Kim Doo-gyeom expressed, “We appreciate Hyundai Mobis for deciding to invest in the eco-friendly automobile parts production plant. Ulsan, with its world-class infrastructure in future automobile industries such as electric vehicles, will do its utmost to nurture and support related industries so that it can firmly establish itself as a core city in the future automobile industry.”

Hyundai Mobis also signed an investment agreement in August 2019 to establish a 330 billion KRW eco-friendly vehicle parts (battery) production plant in the Ihwa General Industrial Complex in Buk-gu, Ulsan.