In Order To Pursue Target In 2030, Hyundai Builds A New EV Factory In South Korea

Image of an EV special factory in Ulsan, South Korea. (Doc. Hyundai Motor Group)

In order to strengthen his commitment to transition to electrification, Hyundai officially started the construction of a new electric vehicle (EV) special factory located in the Hyundai factory complex, Ulsan, South Korea.

The Ulsan Complex is known to be Hyundai's largest factory, owning its own port and annual production capacity of 1.4 million vehicles, including exports of 1.1 million units.

With the addition of the new factory, Hyundai Motor will continue its legacy for 56 years in advancing its innovation and technology in the automotive industry to meet the mobility needs of consumers in the future.

Reported by Reuters on Monday, November 13, the South Korean manufacturer invested in the construction of the new factory of 2 trillion won (equivalent to Rp. 23.7 trillion). It is hoped that the factory can start mass production of EVs in early 2026.

The South Korean company claims that the factory will have an annual capacity of 200,000 units. They said the first assembled model to come out of this new factory would be an electric SUV from the Genesis brand.

"Through a new electric vehicle special factory in Ulsan, we will strive to advance our mobility solution to everyone by leading the future car production paradigm," said Sung-won Jee, Hyundai Motor Company's Head of Brand Marketing Division.

This breakthrough was made by the manufacturer from Ginseng Country by sticking to future EV launch plans, while on the other hand, many Hyundai competitors have postponed the development of a new EV factory due to slowing demand in some areas.

Hyundai also has plans to produce its own LFP batteries to deliver more affordable versions of electric vehicles. This battery is scheduled to be introduced in 2025.

In April, the Hyundai Motor Group (HMG), which includes Hyundai, Kia, and Genesis brands, revealed that it will launch 31 EV models in 2030.