Future Mobility

MS Autotech, a Hyundai Motor first-tier supplier, will buy the closed GM Korea plant in Gunsan, South Korea, for 113 billion won ($99.3 million) to run a contract manufacturing business for electric vehicles. The deal will close June 29, 2019. A consortium including Sejong Industrial and Future Mobility (Byton) will invest an additional 300 billion won to produce 50,000 EVs in 2021, rising to 150,000 by 2025.