Hyundai has announced plans to invest $1.51 billion into the construction of a new EV factory in Ulsan, South Korea, marking the company’s first domestic manufacturing plant in nearly three decades. The 548,000-square-meter facility will be located within Hyundai’s larger Ulsan plant and will be dedicated to the production of electric vehicles.
The announcement ceremony, which took place at the former test drive site of Hyundai’s Ulsan plant, was attended Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, according to Yonhap news agency. The new EV plant will utilize an innovative manufacturing platform developed the Hyundai Motor Group Innovation Center in Singapore, focusing on worker safety, convenience, and efficient operations.
During the ceremony, Chung emphasized the significance of the new EV plant, stating that it marks the beginning of a new era in electrification for Hyundai. He also expressed Hyundai’s commitment to collaborating with the local government to establish Ulsan as a leading innovative mobility city.
Hyundai has set ambitious production targets for its electric vehicles, aiming to produce and sell 940,000 units 2026 and 2 million units 2030. Despite recent cost-cutting efforts competitors such as GM and Ford, Chung underscored Hyundai’s continued investments in the EV business, citing the inevitable increase in demand for EVs.
In addition to the announcement, a video showcasing the history of Hyundai’s Ulsan plant was featured at the ceremony, including the recreation of the late founder Chung Ju-yung’s image and voice using artificial intelligence. The video highlighted the founder’s praise for the abilities of South Korean engineers and his confidence in the global competitiveness of Korean cars.