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Hyundai Mobis Co. will invest 36 billion won in expanding its output capacity of electric vehicle components in three South Korean cities.
South Korea's biggest auto parts maker has already invested over 300 billion won in EV parts plants in the cities of Chungju and Ulsan.
Hyundai Mobis will begin producing 150,000 units of EV modules a year in the third EV parts plant in Pyeongtaek in the second half of 2021. It aims to double production in the Pyeongtaek plant by 2026.
The company will also increase investments in developing chassis modules and smart cabin systems for autonomous vehicles and all-electric models.
A key affiliate of Hyundai Motor Group, Hyundai Mobis earns 90 percent of its overall sales from its co-affiliates Hyundai Motor and Kia Motors Corp.
In the first half, Hyundai Mobis' net profit plunged 48 percent to 583.5 billion won from 1.13 trillion won the previous year due to the effects of the pandemic on vehicle production and sales.
