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Hyundai Motor's new EV-Dedicated Plant in South Korea to Produce 200,000 EVs a Year

Hyundai Motor's new EV-Dedicated Plant in South Korea to Produce 200,000 EVs a Year, Hyundai Motor, Euisun Chung

Hyundai Motor Company has broken ground on a new electric vehicle (EV) plant at its complex in Ulsan, South Korea. The new EV-dedicated plant will produce 200,000 EVs per year.

Approximately KRW 2 trillion ($1.53 billion) is to be invested in the project, which will begin full-scale construction in Q4 2023.

Mass production will commence in Q1 2026

With the new plant, Hyundai Motor’s Ulsan Plant complex will become a base of future mobility production.

The plant complex in Ulsan is where Founding Chairman, Ju-yung Chung, established the company’s first major manufacturing base more than 50 years ago

At the groundbreaking ceremony , Hyundai Motor Company’s Executive Chair, Euisun Chung, 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. I am honored to share our dream of a 100-year company here,” . 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.”

Hyundai Motor's new EV-Dedicated Plant in South Korea to Produce 200,000 EVs a Year, Hyundai Motor, Euisun Chung

The new plant will be the hub for Hyundai Motor’s mobility production in the era of electrification.

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