(Mar 31): Hyundai Motor Co is setting up an innovation centre in Singapore to develop and test technology across the automotive supply chain, including trialling the manufacturing process for electric vehicles.
Construction of the facility in Jurong Innovation District will be completed in the second half of 2022, the Seoul-based carmaker said in an emailed statement Tuesday. The centre will focus on future concepts that can be used globally.
Hyundai Motor is spending 20 trillion won ($23 billion) by 2025 on new technology as the industry moves toward electric and autonomous vehicles. Singapore, like many other countries, is offering incentives to encourage the adoption of EVs and build more charging stations by 2030.
In October, Dyson abandoned a US$2.5 billion ($3.6 billion) plan to build electric cars in Singapore because the maker of vacuum cleaners and hair dryers couldn’t find a way of making the project commercially viable.
Ford Motor Co closed its factory in the city state about 40 years ago, effectively ending car production on the island.