Hyundai Rides High On EV Dream, Breaks Ground On $1.53B Plant In South Korea

Hyundai Motor Co HYMTF broke ground on a new electric vehicle (EV) plant at its complex in Ulsan, South Korea.

The new plant, spanning around 548,000 m2 site, will have a capacity to produce 200,000 EVs annually.

Hyundai has invested KRW 2 trillion ($1.53 billion) in the project, which will begin full-scale construction in Q4 2023.

Hyundai plans to start mass production from the plant in Ulsan in Q1 2026, with construction expected to end in 2025.

The company expects the first model to be produced at the new plant to be its luxury brand Genesis' electric sport utility vehicle (SUV).

"The Ulsan Plant is the world's largest single plant, established in 1968 with the grand dream of providing the world's best automobile. Through this groundbreaking ceremony, we aim to trace our journey with the Ulsan Plant, which was built by tens of thousands of individuals who have propelled us to today's achievements," said Sung-won Jee, Head of Brand Marketing Division. 

Also Read: Hyundai Motor Plans To Cut China's JV Plant Selling Cost By 30%: Report

Last month, Hyundai reported third-quarter FY23 revenue growth of 8.7% year-on-year to KRW 41 trillion, with sales of electrified models jumping 33.3% to about 169,000 units.

Also Read: Hyundai Cuts EV Lease Prices To Lowest Till Date At $229 Amid Growing Market Competition

Price Action: HYMTF shares closed higher by 0.20% at $38.33 on Friday.

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