Hyundai Begins Construction Of $1.5 Billion EV Facility In South Korea

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Hyundai’s new Ulsan factory in southeast South Korea, capable of producing 200,000 units annually, will initially roll out an electric SUV from its premium Genesis brand. The Hyundai Motor Group, including Hyundai Motor, Kia, and Genesis, aims to introduce 31 electric vehicles by 2030, as announced in April.

On Monday, Hyundai Motor Co initiated the construction of a dedicated 2 trillion won (approximately USD 1.52 billion) electric vehicle (EV) plant in South Korea, marking a significant stride in the company’s transition towards electrification. Hyundai, the world’s third-largest automaker in terms of sales, along with its affiliate Kia Corp, is set to start large-scale EV production at this facility in early 2026, following the plant’s completion in 2025.

Located in Ulsan in the country’s southeast, the new factory is designed with an impressive annual production capacity of 200,000 units. The inaugural vehicle to be manufactured here will be an electric SUV under Hyundai’s upscale Genesis brand. Emphasizing its commitment to electric mobility, the Hyundai Motor Group — which includes Hyundai Motor, Kia, and Genesis — revealed plans in April to introduce a total of 31 EV models by the year 2030.

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The ceremony was a notable event attended by Hyundai Motor Group’s Executive Chair Euisun Chung, the CEO of Hyundai Motor, and other dignitaries, including the Mayor of Ulsan Metropolitan City. This event was particularly significant, marking the automaker’s first new plant in South Korea in nearly three decades. The Ulsan complex, Hyundai’s most prominent manufacturing site, stands as a testament to the company’s manufacturing prowess.

This development is a bold move by Hyundai, especially in the context of the current EV market trends, where some competitors are scaling back their EV production due to dampened demand. For instance, General Motors Co (GM.N) recently announced a delay in producing its Chevrolet Silverado and GMC Sierra electric pickup trucks in Michigan by a year, citing a slowdown in EV demand. Similarly, Ford Motor Co (F.N) has temporarily reduced shifts at its plant manufacturing the electric F-150 Lightning pickup truck.

In contrast, Tesla Inc is slowing down its plans for a new factory in Mexico, and in a surprising turn, GM and Honda called off their joint venture to develop lower-cost EVs, a project previously valued at USD 5 billion.

Hyundai’s move comes on the heels of their groundbreaking last year for a USD 5.54 billion EV and battery plant in the U.S. state of Georgia, further underscoring their ambitious drive towards electrification in the global automotive market.

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