Singapore to get its first car manufacturing facility, and it’s electric
Last week, Hyundai announced the launch of a new range of electric vehicles (EV) under its Ioniq brand to be manufactured in Singapore.
Construction of its new 28,000 square-metre manufacturing factory in Singapore was to begin in May. It was delayed to October because of the current pandemic.
Plans for the plant germinated four years ago. during Komoco’s 30th anniversary, according to Hyundai distributor Komoco Motors executive Chairman Teo Hock Seng.
High-ranking executives from Hyundai came and met the Ministry of Trade and Industry representatives.
The Economic Development Board (EDB) then followed up and encouraged Hyundai to invest in a smart factory in Singapore.
30,000 electric cars to be produced a year
A total of 30,000 cars will be built annually with 6000 for the Singapore Market and the rest for export.
Over the next four years, Hyundai will introduce a total of 3 Ioniq models with the aim of selling 1 million of these vehicles by 2025.
The first model will be announced in 2021 and production will begin in 2022.
Smart Mobility Lab
Earlier this year, Hyundai had also announced the setting up of an innovation centre in Singapore to develop future mobility technologies for expansion into global markets. The move is part of the South Korean carmaker’s plans to transform itself into a smart mobility solutions provider.
Located in Jurong Innovation District, construction of the lab facility will be completed in the second half of 2022.
The carmaker said Singapore is an ideal location for its lab, thanks to the Republic’s strong track record of open innovation, strategic location, competitive workforce, pro-business environment, and forward-looking economic policies.
Hyundai is also expected to team up with local partners, such as universities, to carry out hydrogen fuel cell and autonomous driving research.
What does this mean for Singapore?
The Singapore facility will create hundreds of jobs according to a Hyundai spokesman.
EDB executive vice-president Tan Kong Hwee said: “Technological advancements are transforming the mobility sector with an increase in adoption of electric, connected, and autonomous vehicles.
“Attracting quality investments arising from these emerging trends is part of our strategy to grow Singapore’s mobility ecosystem.
“This will not only create exciting job opportunities for Singaporeans but also benefit adjacent industries which are already well-established here.”