Towards electric mobility, Hyundai announced an investment of €1.43 billion in expanding the Ulsan factory in South Korea, as part of the strategy to increase domestic production of electric cars from the current 330,000 units to 1.51 million by 2030, in addition to the units assembled in other parts of the country and in the other 10 factories worldwide, for a total of 3 million 100% electric vehicles.
The investment now announced will cover the construction of a new factory within the automaker’s industrial complex and will be responsible for the annual production of 200,000 electric vehicles.
The construction of the new factory, with 548,000 square meters, started this week with the groundbreaking ceremony and is expected to be completed by 2026, when the first model, a luxury Genesis SUV, will roll off the assembly lines.
It is worth noting that the current Ulsan factory is considered one of the largest in the world, producing 1.4 million vehicles annually. “The new electric vehicle factory in Ulsan is the beginning of a promising future for the next 50 years and the electrification era. I am honored to share our dream of a 100-year-old company here,” emphasized Euisun Chung, the CEO of Hyundai Motor Group.
