In Ulsan, South Korea, Hyundai has constructed a new facility that will only produce electric cars. It’s interesting that Hyundai used this auto factory as a chance to emphasise its extensive history in the automotive industry.
Around 200,000 electric vehicles can be produced annually by the facility; mass production is scheduled to begin in the first quarter of 2026. This quarter, full building will begin. The company is funding the project with KRW 2 trillion, or $1.53 billion. “The new EV-dedicated plant will build on the dream first established by Hyundai Motor’s Founding Chairman more than half a century ago and lay the foundation for future growth in the era of electrification,” the firm says.
“With its cutting-edge production platform and human-centered design, the new EV-dedicated plant will provide an ideal working environment for its staff. In the age of electrification, Hyundai Motor’s mobility manufacturing will also be centred at the new plant. Hyundai Motor’s Ulsan Plant Complex will serve as a foundation for future mobility production with the addition of the new plant.
Hyundai’s history in the EV sector
For the past few years, Hyundai has been regarded among EV enthusiasts and followers as a top developer and manufacturer of electric vehicles. The company’s apparent lack of confidence in the demand for EVs and its lower-than-expected production capacity have been its major drawbacks. Although the company has produced effective, in-demand electric vehicles, sales and production haven’t increased to the extent that many had planned. With the advent of the new era of electrification, maybe that is changing.
With wise investments, Hyundai Motor, in my opinion, will emerge as a dominant force in the era of electric vehicles. According to First Vice Minister of Trade, Industry, and Energy Young-jin Jang, “the government will prioritise supporting the improvement of the business investment environment, including bold tax incentives and elimination of regulations that inhibit economic growth.”
“The start of a promising future for the next 50 years and the era of electrification is the new EV-dedicated Plant in Ulsan.” It is a pleasure for me to share with you our vision of a 100-year company, Hyundai Motor Group Executive Chair Euisun Chung stated. The new auto plant’s first vehicle to be built will be an electric Genesis SUV.
