Hyundai Motor Advances Electrification Vision with New EV-dedicated Plant in Ulsan, Building on Its Brand Heritage
- Hyundai Motor holds groundbreaking ceremony at its plant complex in Ulsan where Founding Chairman Ju-yung Chung established the company's first major manufacturing base more than 50 years ago
- The new EV plant to build on Hyundai Motor's brand heritage while laying the foundation for the company's growth in the era of electrification
- New plant to occupy 548,000 m2 site with capacity to produce 200,000 EVs per year
- Approx. KRW 2 trillion ($1.53 billion) to be invested in the project, which will begin full-scale construction in Q4 2023 with mass production commencing in Q1 2026
SEOUL, South Korea, Nov. 13, 2023 /PRNewswire/ -- Hyundai Motor Company today held a groundbreaking ceremony for a new electric vehicle (EV) plant at its complex in Ulsan, the heart of Korea's automotive industry. The new EV-dedicated plant will lay the foundation for future growth in the era of electrification while building on the dream first established by Hyundai Motor's Founding Chairman more than half a century ago.
Share this article