Hyundai Motor's 'Singapore Global Innovation Center' Groundbreaking Ceremony... "A Forward Base for Future Vehicle Research"
Seong Yun-mo, Minister of Industry, Attends Online Groundbreaking Ceremony on the 13th
Electric Vehicle Pilot Production to Begin in November 2022
"Expand Green New Deal... Urges Support from Singapore Government"
[Asia Economy Reporter Kim Bo-kyung] Sung Yun-mo, Minister of Trade, Industry and Energy, attended the groundbreaking ceremony of Hyundai Motor Group's Singapore Global Innovation Center held online connecting Korea and Singapore on the 13th.
In his congratulatory speech, Minister Sung celebrated that the groundbreaking ceremony of the Global Innovation Center was held as scheduled despite the COVID-19 crisis.
He requested continuous interest and support from the Singapore government so that the Innovation Center can grow as a symbol of economic cooperation between Korea and Singapore and the spread of the global Green New Deal.
Hyundai plans to establish the Singapore Global Innovation Center as a future mobility innovation hub for ▲verifying customer value chain innovation including sales-production-test drive-delivery ▲securing innovative manufacturing technologies ▲serving as a test bed for new mobility businesses.
From November 2022, it will promote pilot production of electric vehicles through the operation of the Innovation Center. Production models and production volume will be decided later.
The ASEAN automobile market is dominated by Japanese manufacturers who have established local production systems, holding about 78% market share. The market is effectively a barren land for Korean cars as it is led toward hybrid vehicles, where Japan has a relative advantage.
The Innovation Center is expected to serve as an outpost that creates new markets and new customers in Southeast Asia through research on innovative technologies for future vehicles.
Utilizing Singapore’s environment, which recently introduced various electric vehicle incentives such as purchase subsidies (up to 20,000 SGD) and expansion of charging infrastructure (currently 1,600 → 28,000 by 2030), aiming for zero internal combustion engine vehicles by 2040.
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The Ministry of Trade, Industry and Energy has set 'export propulsion of future vehicles and related industries' as one of the core tasks of the Green New Deal. Accordingly, it plans to accelerate support for local charging facility construction by Korean companies and foster various future vehicle export models such as electric vehicles.
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