SINGAPORE: South Korea’s Hyundai Motor Co started construction on a research and development centre here today that will house a small-scale electric vehicle production facility.
Singapore is one of the world’s most expensive places to buy a car and does not currently have any auto manufacturing capacity. But the wealthy city-state has set out ambitious plans to phase out petrol vehicles by 2040. A Hyundai spokesman confirmed the 30,000 unit target but said that the exact capacity was yet to be determined. The facility is due for completion by end 2022, the firm said in a statement.
Singapore plans to phase out petrol and diesel vehicles by 2040, and make a bigger bet on electrification to cut greenhouse gases and slow climate change.
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