Hyundai begins building electric vehicle hub in Singapore By Reuters

© Reuters. A man walks past the logo of Hyundai Motor during the 2019 Seoul Motor Show in Goyang

SINGAPORE (Reuters) – South Korea’s Hyundai Motor Co (KS:) started construction on a research and development centre in Singapore on Tuesday that will house a small-scale electric vehicle production facility.

Speaking at the groundbreaking ceremony, Singapore Prime Minister Lee Hsien Loong said the facility may produce up to 30,000 electric vehicles (EVs) annually by 2025 and represents an investment of S$400 million ($295 million).

Singapore is one of the world’s most expensive places to buy a car and does not currently have any auto manufacturing capacity. But the wealthy city-state has set out ambitious plans to phase out petrol vehicles by 2040.

“Automotive activities are becoming viable in Singapore once again. EVs have a different supply chain, fewer mechanical parts and more electronics, which plays to Singapore’s strengths,” PM Lee said.

A Hyundai spokeswoman confirmed the 30,000 unit target but said that the exact capacity was yet to be determined. The facility is due for completion by end 2022, the firm said in a statement.

The announcement comes after vacuum cleaner company Dyson last year scrapped plans to build an electric car in Singapore, saying it was not commercially viable.

Singapore plans to phase out petrol and diesel vehicles by 2040, and make a bigger bet on electrification to cut greenhouse gases and slow climate change.

Hyundai said in a statement its new Singapore facility aims to be carbon neutral by using solar and hydrogen energy, will utilise technologies such as artificial intelligence and robotics, and will include a test drive track for customers.

The centre is part of Hyundai’s vision to enable future vehicle buyers to customize and purchase vehicles online using a smartphone, allowing production to be on-demand.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function()
{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by : Reuters

Source link

Capital Media

Read Previous

R number does not measure risk – financial disaster modelling offers a better alternative

Read Next

Vodacom ouvre le programme informatique du M-Pesa aux développeurs