Hyundai breaks ground on $1.5 billion EV production plant

Hyundai has broken ground on a new $1.52 billion electric vehicle (EV) plant in Ulsan, South Korea.

The plant, scheduled for completion at the end of 2025, is set to start mass production in the first quarter of 2026. The initial model to roll off the assembly line will be an electric SUV from Hyundai’s luxury brand, Genesis. With an annual capacity of 200,000 units, the facility will be pivotal in Hyundai’s EV ambitions.

The groundbreaking ceremony marked a significant moment for Hyundai Motor Group, as it represents the first new factory in South Korea in nearly three decades. Hyundai Motor Group, encompassing Hyundai Motor, Kia, and Genesis, had previously announced plans to invest up to $24 billion and launch 31 EV models by 2030.

During the groundbreaking ceremony, Hyundai Motor Group’s Executive Chair, Euisun Chung, expressed confidence in Ulsan becoming an “innovative mobility city” leading the way in the electrification era. Ulsan is Hyundai’s largest manufacturing site, boasting an annual production capacity of 1.4 million vehicles, including 1.1 million units earmarked for export. (via Reuters)

This move aligns with Hyundai’s commitment to its EV rollout plans, setting it apart from competitors who have recently scaled back EV production. Hyundai Motor Group has also started on a $5.54 billion EV and battery plant in Georgia last year.

In contrast, General Motors and Ford have have announced delays and production adjustments for their electric vehicles, citing flattening demand.

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