Hyundai Motor has plans to build an electric vehicle (EV) factory with an investment of approximately Won2tn ($1.51bn) in Ulsan, South Korea, reported Reuters.

This news was announced by South Korea’s finance ministry.

The new plant is expected to break new ground in the fourth quarter of the fiscal year 2023.

Production is expected to commence in the second half of 2025 with an expected capacity of 150,000 EVs annually, reported

This factory will be the company’s first new domestic plant in almost three decades.

Hyundai inaugurated its last production plant in 1996, at Asan, South Chungcheong Province.

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The facility will be constructed on a 230,000m² site in Ulsan and will be equipped with the latest technologies.

This investment forms part of an earlier announced plan by Hyundai Motor Group to invest Won24tn in the country’s EV industry through the end of this decade.

Hyundai Motor Group includes Hyundai Motor, Kia Corp, and Hyundai Mobis. The company has a global footprint with operations in over 200 countries and sells a range of automobiles, including sedans, SUVs and EVs.

In November 2022, Reuters reported that Hyundai Motor and SK On intend to invest about Won2.5tn to construct an EV battery factory in the US.

In October 2022, Hyundai Motor Group Metaplant America broke ground on a new EV and battery manufacturing plant in Bryan County, Georgia, US.