Hyundai betting big on EVs, setting up new 1.5 Million USD manufacturing unit in Korea

Hyundai Motor held a groundbreaking ceremony For a dedicated electrical vehicle (EV) manufacturing plant in the country's southeastern industrial city of Ulsan, with a goal of producing 200,000 vehicles annually, starting in 2026. 

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter EV factory in Ulsan, some 300 kms southeast of Seoul. 

When completed, it will be Hyundai's first domestic manufacturing plant in 29 years since its Asan plant, built in 1996. 

The ceremony, held at the EV plant site, a former test drive site inside Hyundai's larger Ulsan plant, was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, reports Yonhap news agency.

According to Hyundai, the envisioned facility will be operated through the company's innovative manufacturing platform developed by the Hyundai Motor Group Innovation Center in Singapore, the company's smart urban mobility hub.