Hyundai Motor is spending 20 trillion won ($23 billion) by 2025 on new technology as the industry moves toward electric and autonomous vehicles. Singapore, like many other countries, is offering incentives to encourage the adoption of EVs and build more charging stations by 2030.
In October, Dyson abandoned a US$2.5 billion ($3.6 billion) plan to build electric cars in Singapore because the maker of vacuum cleaners and hair dryers couldn’t find a way of making the project commercially viable.
Ford Motor Co closed its factory in the city state about 40 years ago, effectively ending car production on the island.
