Hyundai Mobis to launch plant to produce EV engines, parts in Slovakia

BRATISLAVA, Slovakia: The Slovak government and South Korea's Hyundai Mobis have signed a memorandum of understanding to establish a plant in Slovakia that will produce engines and parts for electric cars.

Prime Minister Robert Fico announced that Hyundai Mobis will invest over 170 million euros (US$185 million) in the new facility, which will be located in Novaky, a town in western Slovakia.

This project is significant for the region, which has long relied on brown coal mining. This practice ceased recently, along with the closure of a major coal-fired power plant in Novaky. Fico emphasized that the government will provide 26 million euros ($28 million) in incentives to support the plant, which will aid in the area's post-coal economic transformation.

Slovakia, the world's largest carmaker per capita, is home to major automotive manufacturers such as Germany's Volkswagen, Stellantis (formerly PSA), South Korea's Kia Motors, and Jaguar Land Rover. Additionally, Swedish luxury vehicle maker Volvo Cars is set to open an electric car plant in the country in two years.