Hyundai Mobis to Build EV Parts Plant in Slovakia

Hyundai Mobis has announced plans to build a new plant in Novaky, Slovakia, to manufacture power electric (PE) systems for electric vehicles (EVs), with an investment of approximately 350 billion won (around 257 million USD). This facility will be the company’s first European production base for PE systems, capable of producing 300,000 units annually, and aims to commence operations in the second half of 2025. The investment agreement was signed in the presence of Slovak Prime Minister Robert Fico, who noted that the project would aid the region's transition from coal dependency. Additionally, Hyundai Mobis plans to enhance its existing operations in Zilina with a new assembly plant for brake systems. The new production hub will solidify Hyundai Mobis's presence in Europe's lucrative EV market, which remains a key focus despite global delays in EV adoption timelines. The Slovak government will provide financial incentives to support this significant investment.