Hyundai Motor Company recently held an event in its South Korea complex in Ulsan, where it unveiled plans to build a new electric vehicle (EV) manufacturing plant that would cover about 548,000 m2. The event venue was particularly important as it was the company’s first major manufacturing facility that was established over 50 years ago.
This new plant will be located in Ulsan.
According to the Company’s press release, about $1.53 billion USD will be invested in this project with full scale construction scheduled to begin in the 4th quarter of 2023, and mass vehicle production to commence in Q1 2026. The facility has an estimated manufacture capacity of about 200,000 vehicles per year, with the report stating that the Genesis vehicle brand will be the first set of EV’s to be produced.
Hyundai Motor Company is the parent company of Hyundai and Genesis, and it owns 33% of the Kia brand.