South Korean automaker Kia (KRX:000270) signed a memorandum of understanding with Gyeonggi Province and the city of Hwaseong to develop a future mobility ecosystem centered on its purpose-built vehicles (PBVs).
The deal supports the construction of Kia's Hwaseong EVO Plant, with local governments assisting with permits and infrastructure, Pulse News reported Friday.
The collaboration aims to introduce PBV-based wheelchair-accessible vehicles and demand-responsive transit while establishing a two-way vehicle-to-grid charging network, the report said.
Shares of Kia rose more than 1% in recent trade on Monday.
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