Hyundai Motor Group Invests in New EV Plant

Hyundai Motor Group has initiated a groundbreaking project for a new electric vehicle (EV) plant with an annual capacity of 200,000 units. The company has allocated 2 trillion won ($1.51 billion) for the construction of this facility, which spans an impressive 548,000 square meters. Located in Ulsan, approximately 300 kilometers southeast of Seoul, this factory represents Hyundai’s first domestic manufacturing plant in nearly three decades since the establishment of its Asan plant back in 1996.

Innovative Manufacturing Platform

The groundbreaking ceremony for the EV plant took place at the site, formerly a test drive area within Hyundai’s extensive Ulsan plant. Attendees included Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, as reported by Yonhap news agency.

Hyundai has revealed that this state-of-the-art facility will operate using its innovative manufacturing platform developed at the Hyundai Motor Group Innovation Center in Singapore, the company’s hub for smart urban mobility solutions. The platform is designed to enhance workers’ safety, convenience, and operational efficiency, integrating an artificial intelligence-based intelligent control system and adopting environmentally friendly, low-carbon production methods.

Commitment to Electrification

During the ceremony, Executive Chair Euisun Chung expressed the significance of the dedicated EV plant, marking a significant step toward the electrification era for Hyundai over the next five decades. He also emphasized Hyundai’s collaboration with local authorities to transform Ulsan into an innovative mobility city, leading the charge in the electrification era.

Hyundai’s strategic vision includes ambitious goals for EV production, aiming to manufacture and sell 940,000 EV units by 2026 and increase this number to 2 million units by 2030. Despite cost-cutting measures seen among global competitors like GM and Ford, Chung reiterated Hyundai’s commitment to EV investments, anticipating a continued surge in EV demand globally.

The ceremony also featured a video showcasing Hyundai’s Ulsan plant’s history, including a recreation of late founder Chung Ju-yung’s voice and image through artificial intelligence technology. In the video, the founder praised the capabilities of South Korean engineers, expressing confidence in Korean cars dominating the global market in the future.