The largest carmaker in South Korea, Hyundai Motor, announced on Monday that it would construct an EV manufacturing facility in its native country with the goal of beginning mass production of EVs in 2026.
In Ulsan, around 300 kilometers southeast of Seoul, Hyundai performed a groundbreaking ceremony earlier in the day for their new EV-dedicated plant.
The business plans to invest approximately 1.5 billion U.S. dollars, or 2 trillion won, in the 548,000-square-meter electric vehicle facility, which can produce 200,000 EVs annually.
It aimed to launch mass production in the first quarter of 2026, marking the carmaker’s first factory construction in its homeland in almost three decades.
An electric sport utility vehicle (SUV) from Genesis, Hyundai’s luxury brand, will be the first model to be produced at the new plant, the automaker said.
“The new EV-dedicated plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification,” Chung Eui-sun, executive chair of Hyundai Motor Group, said.
