Auto giant Hyundai has revealed the construction of an electric car factory in Ulsan, South Korea. Construction should start in the fourth quarter of this year and production in the second half of 2025, with a yearly capacity of 150,000 electric cars.
This news was noted by Korean media, citing official statements by Hyundai executives and South Korean Finance Minister Choo Kyung Ho.
As stated in available information, the automaker wishes to invest two trillion won in the factory’s construction, matching to approximately 1.37 billion euros. The new building will be Hyundai’s first new domestic plant in 29 years. The last opening of the production building (the one in Asan) dates back to 1996, reports Electrive.com.
In April, Kia also revealed that it will begin construction on a new electric “Purpose Vehicle” (PBV) facility, which is also planned to be operational in the second half of 2025 with a yearly capacity of 150,000 electric cars.
The PBV plant will be constructed on the site of Kia’s existing plant in Hwasong, Gyeonggi Province. The newest media reports also note that Kia aims to convert some of its internal combustion engine plants at its Gwangmyeong plant in Gyeonggi to EV factories in the year’s first half.
New models arriving
Hyundai Motor Group only offered extensive investment plans in April, planning to become one of the world’s three biggest manufacturers of electric cars by 2030.
For this intent, the South Korean group should finance up to 24 trillion won (equivalent to approximately 16.6 billion euros) to boost production and exports. The group with brands Hyundai Motor, Kia, and supplier Hyundai Mobis specifically strives to offer 31 electric models, with the bulk of the battery electric cars manufactured in South Korea.
