Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea

Ulsan, Nov. 13 (BNA): Hyundai Motor Co (005380.KS) broke ground on Monday on a 2 trillion won ($1.52 billion) plant dedicated to making electric vehicles (EVs) in South Korea, as the automaker accelerates a shift away from petrol-powered cars.


Hyundai Motor, the world’s No.3 automaker by sales with its affiliate Kia Corp (000270.KS), plans to begin mass production from the plant in the first quarter of 2026. Construction is expected to end in 2025.


The factory in Ulsan, in the southeast, will have an annual capacity of 200,000 units and the company said its first model will be an electric sport utility vehicle (SUV) from its luxury brand Genesis.


Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EV models by 2030.


“I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification,” Hyundai Motor Group’s Executive Chair Euisun Chung said at the groundbreaking ceremony for the plant, the automaker’s first new factory in South Korea in 29 years.


According to Reuters,The Ulsan complex is Hyundai’s biggest manufacturing site, with its own port and an annual production capacity of 1.4 million vehicles, including exports of 1.1 million units.


Hyundai Motor has said it would stick to its EV rollout plans in contrast to some rivals that have pulled back on EV production due to cooling demand.

READ MORE  Gold holds ground as investors brace for US inflation data




#Hyundai #Motor #breaks #ground #bln #plant #South #Korea

Source link

Leave a Comment