Hyundai Motor Says it Will Build its First South Korean EV Factory

03 October 2018, France, Paris: A general view of the logo of South Korean carmaker Hyundai during the Paris International Motor Show. (dpa)
03 October 2018, France, Paris: A general view of the logo of South Korean carmaker Hyundai during the Paris International Motor Show. (dpa)
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Hyundai Motor Says it Will Build its First South Korean EV Factory

03 October 2018, France, Paris: A general view of the logo of South Korean carmaker Hyundai during the Paris International Motor Show. (dpa)
03 October 2018, France, Paris: A general view of the logo of South Korean carmaker Hyundai during the Paris International Motor Show. (dpa)

Hyundai Motor Co said on Tuesday it would build a dedicated electric vehicle (EV) factory in South Korea that will become its first automobile plant to open in the country in almost three decades.

Production is due to begin by 2025, the company's union said in a statement, relaying a pledge that the company had made in wage negotiations.

Hyundai Motor gave no further details in its statement.

In May, Hyundai Motor Group, which houses Hyundai Motor and Kia Corp, said it would invest 63 trillion won ($48.1 billion) in South Korea through to 2025.

Hyundai Motor's unionized workers in South Korea voted this month for a possible strike for the first time in four years over demands for higher wages. They were also angry at management prioritizing investment outside the country.

Hyundai Motor, South Korea's largest automaker, last opened an automobile factory in South Korea in 1996.

But it said in May it would invest $5.5 billion to build full EV and battery manufacturing facilities in Georgia.

The EV facility in Georgia is scheduled to break ground in early 2023 and begin commercial production in the first half of 2025, according to Hyundai Motor.

"Sales of internal-combustion-engine vehicles are scheduled to be banned in certain markets so the new EV factory is vital to Hyundai Motor's survival," said Chang Moon-su, an analyst at Hyundai Motor Securities, a subsidiary of the automaker.

Hyundai Motor shares were flat in midday trade, while benchmark KOSPI was down 1.1%.



Australia Ditches Plans to Fine Tech Giants for Misinformation

Facebook's new rebrand logo Meta is seen on a smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp, Oculus in this illustration picture taken October 28, 2021. (Reuters)
Facebook's new rebrand logo Meta is seen on a smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp, Oculus in this illustration picture taken October 28, 2021. (Reuters)
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Australia Ditches Plans to Fine Tech Giants for Misinformation

Facebook's new rebrand logo Meta is seen on a smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp, Oculus in this illustration picture taken October 28, 2021. (Reuters)
Facebook's new rebrand logo Meta is seen on a smartphone in front of displayed logo of Facebook, Messenger, Instagram, WhatsApp, Oculus in this illustration picture taken October 28, 2021. (Reuters)

Australia has ditched plans to fine social media companies if they fail to stem the spread of misinformation, the country's communications minister said Sunday.

The proposed legislation outlined sweeping powers to fine tech companies up to five percent of their yearly turnover if they breached new online safety obligations.

Communications Minister Michelle Rowland said she had dumped the bill after running into significant opposition in the country's senate.

"Based on public statements and engagements with senators, it is clear that there is no pathway to legislate this proposal through the senate," she said in a statement.

The proposed bill notably drew the ire of tech baron Elon Musk, who in September likened the Australian government to "fascists".

Australia has been at the forefront of global efforts to regulate the tech giants.

The government will soon roll out a nationwide social media ban for children under 16.

Social media companies could be fined more than US$30 million if they fail to keep children off their platforms, under separate laws tabled before Australia's parliament on Thursday.