Hyundai's upcoming $1.5bn EV plant will produce 200,000 cars annually
Hyundai has kicked off the construction of a specialized electric vehicle (EV) manufacturing facility in Ulsan, South Korea, investing $1.52 billion in the project. The facility is slated to be completed in 2025, with mass EV production starting in 2026. The first model to roll off the assembly line will be an electric SUV from Hyundai's luxury brand Genesis.
Plant to produce 200,000 EVs annually
The upcoming EV facility will boast an annual production capacity of 200,000 units. This move is part of Hyundai Motor Group's strategy to introduce 31 EV models by 2030 across its Hyundai, Kia, and Genesis brands. The plant will be situated on a 5,48,000 square meter area within Hyundai's existing Ulsan factory complex, which currently has an annual production capacity of 1.4 million vehicles. This development marks the company's first new plant in South Korea in nearly three decades.
Hyundai sticks to EV rollout plans amid industry slowdown
While some competitors are scaling back EV production due to waning demand, Hyundai Motor remains steadfast in its EV expansion plans. General Motors, Ford, and Tesla have recently revised their EV sales forecasts and either delayed or slowed down their production schedules. Nevertheless, Hyundai CEO Jae Hoon Chang emphasized that the automaker still believes the global industry is heading toward an electrified future and that "EVs are still leading the trend."
Expansion of EV production facilities
By the end of this decade, Hyundai Motor Group aims to increase its annual EV output in Korea to 1.51 million vehicles, representing around 40% of the group's projected global EV production of 3.64 million units. In addition to the new Ulsan facility, Hyundai is building an EV plant in Georgia, US, while its affiliate Kia is constructing an EV plant in the South Korean city of Hwaseong.
