South Korean automaker Hyundai Motor has announced that it has started the construction of Hyundai Motor Group Innovation Center in Singapore (HMGICS). The center will include electrical vehicle production facilities. The construction is scheduled to be completed by the end of 2022.
The new facility to be built with an investment of almost $400 million may produce 30,000 units of vehicles per year by 2025.
The facility is an important milestone in the economic relationship between Singapore and South Korea, paving the way for more Korean companies to invest in Singapore, as SteelOrbis understands.