Hyundai to Invest $1.51 Billion in New EV Factory in Ulsan
Hyundai has announced plans to invest 2 trillion won (approximately $1.51 billion) in the construction of a new electric vehicle (EV) factory in Ulsan, South Korea. The factory, which will cover an area of 548,000 square meters, will be Hyundai’s first domestic manufacturing plant in 29 years.
The groundbreaking ceremony for the new facility was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum. The event took place at the former test drive site inside Hyundai’s larger Ulsan plant, where the new EV factory will be located.
The envisioned facility is set to be operated through Hyundai’s innovative manufacturing platform, developed by the Hyundai Motor Group Innovation Center in Singapore. This platform focuses on worker safety, convenience, and efficient operations, utilizing an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods.
Euisun Chung expressed his excitement about the new EV plant, stating, “The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years.” He also pledged to work with the local government to make Ulsan a “pioneering innovative mobility city,” leading the era of electrification.
Hyundai has set ambitious goals for its EV production, aiming to produce and sell 940,000 units by 2026 and 2 million units by 2030. Despite recent cost-cutting efforts by competitors such as GM and Ford, Chung emphasized Hyundai’s commitment to investing in the EV business, citing the inevitable increase in demand for EVs.
The ceremony also featured a video showcasing the history of Hyundai’s Ulsan plant, with the late founder Chung Ju-yung praising the abilities of South Korean engineers and expressing confidence in the global market domination of Korean cars.
The construction of the new EV factory reflects Hyundai’s dedication to advancing in the field of electric mobility and meeting the growing demand for EVs in the global market.
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