Hyundai Motor Breaks Ground on USD1.5 Billion EV Plant

by BTM

Tue, 05 December 2023

Hyundai Motor Breaks Ground on USD1.5 Billion EV Plant

Hyundai Motor Co. broke ground on Monday on a KRW2 trillion (USD1.52 billion) plant dedicated to making electric vehicles (EVs) in South Korea, as the automaker accelerates a shift away from petrol-powered cars.

Construction of the factory, which is the automaker’s first new factory in South Korea in 29 years, is expected to end in 2025. According to Reuters, the Ulsan complex is Hyundai’s biggest manufacturing site, with its own port and an annual production capacity of 1.4 million vehicles, including exports of 1.1 million units. Hyundai Motor plans to begin mass production from the plant in the first quarter of 2026. 

The factory in Ulsan, in the southeast, will have an annual capacity of 200,000 units and the company said its first model will be an electric sport utility vehicle (SUV) from its luxury brand Genesis. Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EV models by 2030.