Hyundai Motor Advances Electrification Vision with New EV-dedicated Plant in Ulsan, Building on Its Brand Heritage
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Hyundai Motor Co breaks ground for new $1 53 billion EV plant in Korea
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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 newEV 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