Hyundai Motor has taken a significant step towards its ambitious goals in the electric vehicle (EV) sector with the groundbreaking ceremony for its state-of-the-art manufacturing plant in Ulsan. The company aims to produce an impressive 200,000 EVs annually starting in 2026. To bring this vision to life, Hyundai plans to invest $1.51 billion in constructing a massive 548,000-square-meter factory located in Ulsan, South Korea’s industrial hub.
Expected to commence operations in 2026, this milestone facility marks Hyundai’s first domestic manufacturing plant in nearly three decades. Notably, the event took place at the site of the new EV plant, which was once utilized for test drives within Hyundai’s expansive Ulsan plant.
Hyundai is excited about leveraging its cutting-edge manufacturing platform, developed by the Hyundai Motor Group Innovation Centre in Singapore, to optimize the facility’s operations. This innovative platform integrates artificial intelligence-based intelligent control systems and eco-friendly, low-carbon production methods. By prioritizing workers’ safety, convenience, and operational efficiency, Hyundai aims to create a forward-thinking and sustainable manufacturing environment.
During the ceremony, Euisun Chung, Executive Chair of Hyundai Motor Group, emphasized that the dedicated EV plant symbolizes the start of a new era in electrification with a lasting impact. Chung further expressed Hyundai’s commitment to collaborate with local authorities to transform Ulsan into a trailblazing city for innovative mobility, leading the charge in the electrification era.
In line with its long-term vision, Hyundai plans to produce and sell 940,000 EV units by 2026 and expand this number to 2 million units by 2030. While acknowledging the cost-cutting measures undertaken by global competitors such as GM and Ford, Chung conveyed Hyundai’s unwavering confidence in the EV sector and reiterated the company’s commitment to continued investment in this burgeoning market.
The groundbreaking ceremony also featured a captivating video that showcased the rich history of Hyundai’s Ulsan plant, paying homage to the late founder Chung Ju-yung. Through advanced artificial intelligence technology, Chung’s image and voice were recreated, with the founder expressing unwavering confidence in the future success of Korean cars dominating the global market.
1. What is Hyundai’s objective for the new EV manufacturing plant in Ulsan?
Hyundai aims to achieve an annual production of 200,000 electric vehicles starting in 2026.
2. How much is Hyundai investing in the construction of the EV factory?
Hyundai plans to invest $1.51 billion in constructing the 548,000-square-meter EV factory.
3. When is the new facility expected to become operational?
The facility is scheduled to become operational in 2026.
4. What is Hyundai’s previous goal for EV production and sales by 2026 and 2030?
Hyundai has previously outlined its goal to produce and sell 940,000 EV units by 2026 and 2 million units by 2030.
5. What does the Hyundai Motor Group Innovation Centre’s platform focus on?
The platform incorporates elements that prioritize workers’ safety, convenience, and operational efficiency, integrating an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods.