Hyundai Motor Advances Electrification Vision with New EV-dedicated Plant in Ulsan, Building on Its Brand Heritage

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Hyundai Motor Company: Groundbreaking Ceremony for New EV Plant in Ulsan, Investing $1.53 Billion in Future Electrification. The new EV-dedicated plant will occupy a 548,000 m2 site with a capacity to produce 200,000 EVs per year. Approx. KRW 2 trillion to be invested in the project, with full-scale construction beginning in Q4 2023 and mass production commencing in Q1 2026.

Positive

• Investing in future electrification and brand heritage
• Capacity to produce 200,000 EVs per year
• Positive impact on Hyundai Motor's growth and future mobility production

Negative

• None.

• 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 new EV 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 than half a century ago.

"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."

The new EV-dedicated plant will be a human-centered facility with an innovative manufacturing platform that delivers an optimal working environment for employees. The new plant will also be the hub for Hyundai Motor's mobility production in the era of electrification. With the new plant, Hyundai Motor's Ulsan Plant complex will become a base of future mobility production.

More information about Hyundai Motor and its products can be found at:

https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai

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SOURCE Hyundai Motor Company

FAQ

What is the new project at Hyundai Motor's Ulsan complex?

Hyundai Motor held a groundbreaking ceremony for a new EV plant in Ulsan, investing $1.53 billion in future electrification.

What is the investment for the new project?

Approximately KRW 2 trillion ($1.53 billion) will be invested in the new EV-dedicated plant.

When will mass production commence at the new plant?

Mass production is expected to commence in Q1 2026, following full-scale construction beginning in Q4 2023.