Hyundai is reportedly building an electric vehicle plant in South Korea that can produce up to 200,000 cars per year.
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Hyundai Holds Groundbreaking Ceremony
The company had its groundbreaking ceremony in Ulsan, South Korea, the same place where the company had its first auto plant in 1968. According to Bloomberg's report, Hyundai is investing $1.5 billion in the construction of the 548,000 square meters of land. The plant will be situated at a former motor racing circuit inside the company's Ulsan factory complex.
The development is set to begin this year and is looking forward to starting mass production in the first quarter of 2026. The report also unveiled that the luxury Genesis large-size sport utility vehicle will be the first model to roll out.
The groundbreaking was attended by prominent people from politics such as the city mayor, Hyundai workers, and a retired factory head who witnessed the glory of the complex in the 1970s. The mayor also expressed his joy with Hyundai's plans. "Ulsan is surviving because of Hyundai," mayor Doo-gyum Kim stated.
Hyundai Expands EV Plants in the US
Hyundai is also building an EV plant in Georgia as part of President Joe Biden's Inflation Reduction Act which offers tax credits to US-made EVs. CEO Jay Chang shared that the company is optimistic that EVs are the leading trends of the future. "We are always studying infrastructure, the inconvenience of charging EVs," he added.
Earlier this year, Hyundai committed to $18.2 billion spending value by 2030 for producing electric vehicles. The company is also targeting to become one of the world's top three EV makers by boosting its annual output of electric cars in South Korea by 40 percent at the end of this decade.
The report also showed that Hyundai is planning to release 31 EV models across its brands. The new plant in Ulsan was just the beginning of the company's plan as Kia is also building a new plant in Hwaseong City south of Seoul.
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