Hyundai Motor Company, the top automaker in South Korea, recently initiated the construction of a specialized electric vehicle (EV) factory in Ulsan, a key industrial city in the southeast of the country.
The company plans to start manufacturing 200,000 EVs annually by 2026 at this facility.
Hyundai is investing 2 trillion won (approximately $1.51 billion) to establish this 548,000-square-meter plant, marking its first new domestic factory in 29 years since the Asan plant was established in 1996.
The groundbreaking event, which took place at a former test drive area within Hyundai’s larger Ulsan complex, saw the attendance of Hyundai Motor Group’s Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum.
Hyundai disclosed that this new plant would operate using a cutting-edge manufacturing platform from the Hyundai Motor Group Innovation Center in Singapore, aiming to enhance worker safety, convenience, and operational efficiency. This system includes AI-based intelligent control and eco-friendly, low-carbon production techniques.
During the ceremony, Chung emphasized the significance of this EV plant as a step towards a new era of electrification over the next five decades. He committed to collaborating with local authorities to transform Ulsan into an innovative mobility leader in the electrification era.
Hyundai’s medium to long-term plan includes selling 940,000 EV units by 2026 and reaching 2 million by 2030.
Despite cost-saving measures by global competitors like GM and Ford, Chung indicated Hyundai’s continued investment in the EV sector, predicting a steady rise in EV demand.
The ceremony also featured a video showcasing Hyundai’s Ulsan plant’s history, including a digitally recreated Chung Ju-yung, the company’s late founder, commending South Korean engineers and foreseeing a dominant global presence for Korean vehicles.
