Hyundai builds R&D hub
Print Edition
HYUNDAI Motor has begun building a new-energy vehicle research and development center in Yantai, Shandong Province, sources with the local government said yesterday.
The center, located in the city’s economic development zone, will develop the three core components of new-energy vehicles — motors, batteries and electric controls — and carry out overall car design, according to the zone’s administrative committee.
With a planned total investment of US$290 million, the center plans an annual turnover of US$100 million when it is operational later this year.
Hyundai, the fifth-largest carmaker in the world, sold more than 4.7 million vehicles last year.
Last month, Hyundai said it would build a fourth China plant in Chongqing with a designed capacity of 300,000 vehicles per year.
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