Electric car startup in China becomes first client for new S. Korean auto company in Gunsan
SEOUL, AJU - Future Mobility, a multinational electric car startup based in China, became the first client for Myoung Shin, a new South Korean carmaker which took over an idle plant shut down by U.S. carmaker General Motors as part of global restructuring.
Myoung Shin signed an original equipment manufacturing (OEM) contract with Future Mobility Wednesday at its plant in the southeastern port city of Gunsan to deliver some 50,000 electric sport utility vehicles every year from 2021.
From its manufacturing facility in Nanjing, Future Mobility would produce M-Byte SUV, an SUV model of Byton which is an all-electric vehicle brand.
In May last year, GM closed the plant in Gunsan, 178 kilometers (110 miles) southeast of Seoul, which used to produce two GM models, the Orlando SUV and the Cruze compact. Myoung Shin, a subsidiary of MS Autotech which produces car parts for South Korea's Hyundai auto group, took over the plant in June for 250 billion won ($209 million).
Myoung Shin has outlined a long-term plan to produce electric vehicles with its own brand by injecting more money into the Gunsan plant.