Hyundai Motor to Set Up Lab in Singapore for EVs, Future Tech

(Bloomberg) -- Hyundai Motor Co. is setting up an innovation center in Singapore to develop and test technology across the automotive supply chain, including trialing 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 center will focus on future concepts that can be used globally.

Hyundai Motor is spending 20 trillion won ($16 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 Ltd. abandoned a $2.5 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.

©2020 Bloomberg L.P.