November 23, 2024

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(Hyundai Mobis)

Hyundai Mobis, South Korea's leading auto parts maker, said Wednesday it has started construction of an electric vehicle (EV) battery plant in Spain.

The company said it held a groundbreaking ceremony for the envisioned 150,000-square-meter factory in Navarre, Spain, on Tuesday. Hyundai Mobis aims to start mass production at the plant in 2026.

The plant will have an annual capacity of 360,000 battery systems. The battery systems produced there will be supplied to Volkswagen's manufacturing plant in the nearby city of Pamplona, to be installed in Volkswagen's next-generation EV platform.

Last year, Hyundai Mobis signed a large-scale battery supply contract with Volkswagen.

Hyundai Mobis said it plans to invest approximately 170 billion won ($124 million) in the Spanish factory by 2030. (Yonhap)