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Hyundai Motor Group finally broke ground for the construction of its electric vehicle manufacturing plant in Ulsan. The facility is expected to have a capacity of 200,000 units per year.
The groundbreaking ceremony was held on Monday, Nov. 13 at the southeastern industrial city of the said territory. The targeted start of full production is in 2026, as per Yonhap News Agency.
The event was attended by the automaker’s executive chairman, Chung Euisun, and chief executive and president Chang Jae Hoon. Other high-ranking officials of Hyundai Motors including EVP, chief safety officer, and head of domestic productions, Lee Dong Seock, were also present. The city mayor of Ulsan, Kim Doo Gyeon, and vice minister of trade, industry, and energy, Jang Young Jin also graced the ceremony.
Budget and Other Details of the EV Factory
The South Korean carmaker is set to invest KRW2 trillion or about $1.51 billion for the construction of the new EV plant which will measure 548,000 square meters. The facility will be the company’s first local production factory in 29 years. This will be the newest building since the plant in Asan was erected in 1996.
Korea Joongang Daily Situated on a 548,000-square-meter site in Ulsan, the plant will have 200,000 annual capacity. Hyundai Motor said that it is aiming to complete the building by 2025 and then start mass production within the first quarter of the following year. The very first EV model to be produced here is the brand’s Genesis GV90.
“The new EV-dedicated Plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I am honored to share our dream of a 100-year company here,” Hyundai Motor’s executive chairman, Chung Euisun, said in a press release. “Just as the dream of building the best car in the past made Ulsan an automotive city today, Hyundai will work together to make Ulsan an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant.”
The city mayor of Ulsan, Kim Doo Gyeom, added, “It is undeniable that Hyundai Motor Company has played the biggest role in the growth of Ulsan. We will continue to do our best to draw a new future together in line with the changes in the global automotive industry.”
Photo by: Jakob Owens/Unsplash
