Hyundai Motor, on Sunday, began the construction of a new facility in South Korea which will manufacture as many as 2,00,000 electric vehicles a year.
The new plant in Ulsan will lay the foundation for future growth in the era of electrification, the company said.
Founding chairman of the company, Ju-yung Chung, had established Hyundai Motor’s first major manufacturing base in Ulsan more than 50 years ago.
The construction of the new plant is expected to be completed in 2025, and production of vehicles will start next year.
The new facility, for which the company has invested approximately $1.53 billion, will be Hyundai Motor’s first new plant in Korea in 29 years.
The dedicated EV plant will lead the electrification era, provide products that exceed customer expectations, and strengthen the domestic industry base, the company said.
An electric SUV from Hyundai Motor Group luxury brand, Genesis, will be the first model to be produced at the new plant.
“The new EV-dedicated Plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification," executive chair of the company Euisun Chung said in a statement.
“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,” he said.
