Singapore and Hyundai are back in the car market.
Hyundai will start producing electric vehicles in Singapore starting in 2022, according to the Straits Times (reported through Bloomberg).
Construction of 28000 M 2 assembly plant for 30000 vehicles per year will start in October. According to reports, it was originally scheduled to start in May, but the coronavirus forced the project to be delayed.
It will be the first new car production plant in the city state since Ford retired from Singapore 40 years ago. Dyson was involved in another electric vehicle project, but it was cancelled.
Rumor: Hyundai will start producing electric vehicles in Singapore
According to the Straits Times, about 6000 locally produced electric vehicles are expected to be sold in Singapore, which means the remaining 24000 (80% of the total) will be exported to some neighboring markets.
The question is what kind of car will Singapore produce? According to the article, this may be the compact electric crossover vehicle IONIQ 3, which is one of the few recently announced.
We can guess that Singapore will be the right choice for a small number of high-end models, especially if the government of Singapore takes some incentives to make the deal more attractive.