Trump Criticizes ABC, NBC and CNN for Limiting Coverage of Election Speech 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Stripe, Advent Offer Over $53 Billion to Acquire PayPal in Major Fintech Deal 
BHP Q4 Iron Ore Output Rebounds as Copper Prices Boost Revenue 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
SpaceX Stock Falls Below IPO Price as Investors Weigh Losses and Lockup Expiry 
Apple Intelligence Cleared for China as Alibaba and Baidu AI Power iPhone Features 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
Moonshot Launches Kimi K3, China's Largest Open-Source AI Model 
Airbus Signs Cloud Deal With Scaleway to Power Secure AI and Defense Applications 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Uber to Acquire Delivery Hero in $14.8 Billion Deal to Expand Global Food Delivery Business 
Hyundai Mobis Co. revealed it has split up its auto parts and modules manufacturing businesses, so they are now two separate subsidiaries of the company. With this, it has set out to expand its module facility in South Korea.
As part of the plan, Hyundai Mobis will build another automotive module plant in Ulsan which is located in the Southeastern part of the Korean peninsula. This area is where its parent Hyundai Motor also operates its largest manufacturing complex.
Industry sources said this will be the auto parts company’s third factory for the production of modules. As per The Korea Economic Daily, the construction of another plant in the country comes after Hyundai Mobis spun off its vehicle module business into a fully-owned unit which it named Motras.
The company is investing KRW100 billion, or around $77 million, to build the new plant in Ulsan, and the construction will be under the Motras label. It is expected to be completed by the year 2026.
Currently, Motras module-making unit is already operating about 10 plants in the country. Once the Ulsan facility is in full operation, its products are likely to be used for the new vehicles being built by Hyundai Motor.
Meanwhile, Hyundai Mobis is also building another plant in Indonesia, and construction for this has officially started this month. This electric vehicle battery system plant is part of the auto parts maker’s push to further expand the EV market in Southeast Asia.
The Korea Herald reported that the groundbreaking ceremony was held last week in West Java. The target date of completion is within the first half of 2024. The exact site of Hyundai Mobis’ new plant in Indonesia is in the industrial complex of Kota Deltamas, which is about 60 kilometers away from the city capital of Jakarta.
Photo by: Hyundai Mobis Newsroom
