Hyundai Motor to manufacture electric vehicles in Singapore in 2022
South Korea’s largest automaker Hyundai Motor plans to manufacture electric vehicles (EV) in Singapore starting in 2022, according to Singapore’s Straits Times. In April, Hyundai Motor announced its plan to build a Mobility Global Innovation Center in Singapore’s Jurong Innovation Centre, a one-stop advanced manufacturing hub developed by JTC Corporation, housing a vibrant ecosystem of researchers, technology and training providers and factories of the future.
The Straits Times report quoted Teo Hock Seng, executive chairman of Komoco Motors, the sole distributor of Hyundai automotive since 1986, and one of Singapore’s leading automobile companies. Komoco Motors is part of Singapore-based Komoco Holdings Pte Ltd, a regional automotive group of companies with a diversified portfolio of automotive brands in Singapore and China, including Hyundai, Harley-Davidson, Jeep, Ferrari, Maserati and Alfa Romeo (China).
Plant construction, which was originally scheduled in May, has been delayed to October due to the Covid-19 pandemic, the paper said.
Hyundai Motor recently revealed its plans to lead the global EV market with the launch of its new IONIQ brand dedicated to battery electric vehicles. The company will introduce three new EV models over the next four years and offer customer-centric EV experiences in line with its vision ‘Progress for Humanity’. Hyundai Motor Group, the company’s parent entity, aims to sell 1 million units of battery electric vehicles and take 10% market share to become a global EV leader by 2025.
The Singapore EV manufacturing plant will produce 30,000 electric vehicles a year, of which up to 6,000 units are to be sold in Singapore.
The Singapore government plans to expand the country’s EV public charging infrastructure from 1,600 to 28,000 charging points. Its goal is to eliminate vehicles with internal combustion engines plying Singapore roads starting in 2040.
Currently, there is no automobile manufacturing industry in Singapore.