Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea

Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea

Hyundai Motor Co has begun construction on a new electric vehicle (EV) plant in South Korea, signaling its commitment to the shift towards electrification. The 2 trillion won ($1.52 billion) plant in Ulsan will have an annual capacity of 200,000 units and is expected to start mass production of EVs in the first quarter of 2026. The first model to be produced at the plant will be an electric SUV from Hyundai’s luxury brand Genesis. This move is part of Hyundai Motor Group’s plan to launch 31 EVs by 2030. The groundbreaking ceremony was attended by Hyundai Motor Group’s Executive Chair Euisun Chung, Hyundai Motor’s CEO, and other officials.

Hyundai’s decision to proceed with its EV rollout plans is in contrast to some competitors who have scaled back their EV production due to cooling demand. Last year, Hyundai Motor Group also broke ground on EV and battery plants in the US. When asked about additional dedicated EV plants, Hyundai Motor CEO Jaehoon Chang stated that the company is currently focused on the plants in the US and South Korea. Despite concerns about a shortage of charging infrastructure, Chang believes that the trend for EVs remains positive.

In comparison, General Motors (GM) has announced a delay in the production of its Chevrolet Silverado and GMC Sierra electric pickup trucks due to flattening demand for EVs. Ford Motor Co is also temporarily reducing shifts at its plant that manufactures the electric F-150 Lightning pickup truck. Tesla Inc is slowing down its plans for a Mexico factory, and GM and Honda have ended their $5 billion plan to develop lower-cost EVs together.

Hyundai’s investment in the new EV plant demonstrates its commitment to the electrification of its vehicle lineup. By expanding its production capacity and launching a wide range of EV models, Hyundai aims to position itself as a leader in the growing EV market.

About News Team

News TeamHi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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