Hyundai Motor Group and other South Korean Companies Interested in Investment in the Automotive Industry in Bulgaria

Bulgaria and South Korea are negotiating on the building of Automobile Factory and Autonomous Vehicles test centre of Hyundai and Battery Factory of another South Korean company (whose name was not disclosed) for Electric cars on the territory of Bulgaria. The investment in the Battery Factory shall be over EUR 1.5 billion and Bulgaria is in competition for the investment together with other two countries. Bulgaria has provided possible locations for the factories to the two South Korean companies.

Phillips Holdings Co. Ltd. (Phillips Electric Car), a Korean electric car manufacturer, is interested in Bulgaria as a possible location for the construction of an Assembly Centre for electric cars, electric mopeds, electric vans and electric buses intended for the European market. The company has also shown interest in the eventual construction of an electric battery manufacturing centre or a cooperation with local producers in the area.