Hyundai Motor Co has started construction of a new factory dedicated to electric cars (EVs) in South Korea. The automaker is investing 2 trillion won ($1. 52 billion) in the project as part of its commitment to electrification. Hyundai Motor and its subsidiary Kia Corp plan to begin mass production of electric vehicles at the plant in the first quarter of 2026, upon completion of the structure in 2025.
The new plant, in Ulsan, southeastern South Korea, will have an annual capacity of 200,000 units. The company has announced that the first model produced will be an electric gaming vehicle (SUV) from its luxury brand Genesis. Hyundai Motor Group, which includes Hyundai Motor, Kia and Genesis, aims to launch a total of 31 electric cars by 2030.
The inauguration rite of the electric vehicle plant was attended by Hyundai Motor Group Executive Chairman Euisun Chung, Hyundai Motor General Manager and other officials, as well as the Mayor of the Ulsan Metropolitan City. This is the automaker’s first new plant in South Korea in 29 years. Hyundai’s Ulsan complex is lately its largest production center.
Unlike some of its competitors, Hyundai Motor has to stick to its plans to launch electric cars despite the demand for refrigeration. General Motors Co. , for example, has delayed production of the Chevrolet Silverado and GMC Sierra electric pickup trucks. due to stagnant demand for electric cars. Ford Motor Co also temporarily reduced production at its plant that makes the F-150 Lightning electric pickup truck.
In addition, Tesla Inc is slowing down plans to set up a factory in Mexico, and GM and Honda recently announced the end of their joint $5 billion plan to expand electric cars at a lower cost. By contrast, last year Hyundai Motor Group broke the floor. at a $5. 54 billion battery and electric vehicle plant in the U. S. state of Georgia.
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