Automobile parts company Hyundai Mobis signed an investment agreement with the Slovak government on Wednesday to build a new manufacturing facility for electric vehicle (EV) parts. The agreement, worth approximately $257 million (350 billion won), includes the construction of a Power Electric (PE) system plant in Novaky and an expansion of its existing Zilina facility to produce EV braking systems. 

This new plant, covering about 26 acres (105,700 square meters), is expected to be completed by the second half of 2025 and will have the capacity to produce 300,000 PE systems annually. The deal strengthens Hyundai Mobis’ foothold in the European EV market as the new facility will allow Hyundai Mobis to enhance its role in supplying major European automakers.