Hyundai Begins Construction on $1.5 Billion EV Plant in South Korea
Factory to Produce 200,000 EVs Annually from 2026, Genesis SUV to be First Model
- Hyundai Motor has begun construction on a $1.5 billion facility in Ulsan, South Korea, dedicated to manufacturing electric vehicles.
- The new factory will be capable of producing 200,000 electric vehicles a year, with construction set to be completed in 2025 and mass production starting in the first quarter of 2026.
- The first model to be produced at the new plant will be an electric sport utility vehicle from Hyundai's luxury brand, Genesis.
- Hyundai's investment in electric vehicles comes as some of its rivals, including General Motors and Ford, are slowing down their electric vehicle production due to various constraints.
- Hyundai Motor Group is also investing $5.5 billion in Georgia, USA, to build electric vehicles and battery facilities.