Hyundai Mobis Expands European Operations with New EV Parts Plant in Slovakia

BRATISLAVA: Hyundai Mobis Co., a leading South Korean automotive parts manufacturer, has partnered with the Slovak government in a significant investment agreement to establish a new production facility in Slovakia dedicated to electric vehicle (EV) components. The deal, valued at approximately 350 billion won (US$256.2 million), aims to bolster the company's footprint in the European EV market. According to Yonhap News Agency, the agreement was formalized in a ceremony in Bratislava, attended by Slovak Prime Minister Robert Fico and Hyundai Mobis President Lee Gyu-suk. The planned investment includes a 250 billion-won plant in Novaky for manufacturing power electric (PE) systems, essential for EVs, and a 95 billion-won factory for EV braking systems within an existing facility in Zilina. The new Novaky plant will span about 105,700 square meters and is expected to be operational by the second half of 2025. It will have the capacity to produce 300,000 PE systems annually for the European market. This plant marks Hyundai Mobis's first European production base specifically for PE systems, complementing its existing battery system production base in the Czech Republic and another under construction in Spain. Lee Gyu-suk highlighted the strategic significance of the new facilities during the ceremony, stating, "With the support of the Slovak government, we will expand our electrification business in Central Europe, centered around the new power electric system plant in Novaky." The initiative is seen as a strategic move by Hyundai Mobis to leverage the growing European demand for EV components, positioning Slovakia as a central hub in its electrification thrust.