Hyundai invests $1.5B in new EV manufacturing plant in S. Korea

Key Points

• 🏭 Hyundai launches a new EV manufacturing plant in Ulsan, South Korea, marking its entry into the global electric vehicle market.
• 🌍 The plant signifies Hyundai’s commitment to the era of electrification and a future of innovation in mobility, aiming to produce 200,000 electric vehicles annually starting from Q1 2026.
• 💰 Hyundai plans substantial investments in EV production, including a $1.5 billion project in South Korea and a $7.6 billion factory in Georgia, USA, aligning with the trend towards electric vehicle manufacturing.

Hyundai Motor held a groundbreaking ceremony for its all-new electric vehicle (EV) manufacturing plant in Ulsan, South Korea. 

Ulsan is a special place for Hyundai as it is the same metropolitan city Founding Chairman Ju-yung Chung established the company’s first major manufacturing base over 50 years ago. Now, the new EV manufacturing plant in Ulsan will mark the South Korean car manufacturer’s new beginning in the global car market. 

“The new EV-dedicated plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I am honored to share our dream of a 100-year company here,” said Executive Chair Chung. “Just as the dream of building the best car in the past made Ulsan an automotive city today, I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant.”

Hyundai’s new EV car plant will be built on a 548,000 sq.m site. The major Asian car manufacturer plans to invest KRW 2 trillion ($1.53 billion) on the project. The company aims to produce 200,000 electric vehicles annually in the new EV plant. It will begin construction this quarter and plans to start mass production by Q1 2026. 

Hyundai is also building a $7.6 billion EV factory in Georgia due to the United States’ Inflation Reduction Act (IRA). The IRA encourages automakers to manufacture electric vehicles and EV battery packs in the United States or within countries that have a trade agreement with the U.S. Hyundai aims to assemble 300,000 electric vehicles annually at its Georgia plant.

The Hyundai Motor Group encompasses the Hyundai, Kia, and Genesis brands. In October, the company shared its plans to launch 31 EVs by 2030. Its EV launches include the Ioniq 7 SUV in 2024.