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Hyundai Motor to build new EV factory in South Korea

Automaker agrees with labor union to invest in domestic production

SEOUL -- Hyundai Motor and the company's trade union said on Tuesday they have agreed that the automaker will build a new electric vehicle factory in South Korea, as the company gears up to transition toward EVs and hydrogen fuel cell cars.

Hyundai said it reached an agreement with the union to break ground on the factory in 2023 and aims to complete construction by 2025. But the company said it has not decided on details of the project, such as where in the country to build the plant and production capacity.

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