Hyundai Motor Company announced on the 11th that it had prepared a ‘special agreement on future investment in domestic factories’ to respond to the transition period of the global automobile industry, secure a future vision for domestic factories, and secure employment stability at the 15th round of wage negotiations held at the Ulsan plant yesterday (11th).
In order to respond to the rapid increase in global electric vehicle market demand, the agreement will start construction of an electric vehicle-only plant next year for the first time by Hyundai Motor Company, and include the phased reconstruction of an existing aging production line in connection with volume reorganization, such as the transfer of vehicle types to a new plant.
The new plant is dedicated to the production of electric vehicles and is targeted for completion in 2025.
Accordingly, it is expected that a Hyundai Motor plant will be built in Korea for the first time in 29 years since the construction of the Asan plant in 1996.
Existing production lines built in the 1960s and 1970s will be reconstructed in stages to become a world-class factory for mass production of future automobiles.
In order to successfully proceed with this domestic investment plan, Hyundai Motor is actively promoting the introduction of cutting-edge production and quality systems to enhance future manufacturing competitiveness and improve workability and environment.
The union decided to make an active effort to discuss all matters related to this investment plan, such as improving global production efficiency, securing quality, and shifting personnel.