Hyundai Mobis Sparks Slovakia's Post-Coal Transformation

The Slovak government signed an agreement with Hyundai Mobis for a new electric car engine plant in Novaky. The investment of over 170 million euros fosters regional economic transformation post-coal mining. Slovakia's significant auto industry includes Volkswagen, Stellantis, Kia, Jaguar Land Rover, and soon Volvo.

The Slovak government has partnered with Hyundai Mobis, marking progress in regional transformation. On Tuesday, a memorandum of understanding was signed for the establishment of a new plant dedicated to engines and other electric vehicle components.

The investment amounts to over 170 million euros and is set for Novaky, a town transitioning from its historical reliance on brown coal mining, following recent closures of mines and a coal-fired power station.

Prime Minister Robert Fico announced government incentives of about 26 million euros to support the project. Slovakia, known as the world's leading car manufacturer per capita, hosts major plants from global brands like Volkswagen, Stellantis, Kia, and Jaguar Land Rover. Volvo Cars also plans to enter the Slovak market soon.

(With inputs from agencies.)