Hyundai Motor Company has celebrated the start of construction on a new electric vehicle (EV) plant at its complex in Ulsan, South Korea.

This new EV factory will be developed on a 548,000m² site and have an annual capacity to manufacture 200,000 EVs.

With a projected cost of roughly Won2tn, the full-scale construction of the facility is scheduled to commence in the fourth quarter (Q4) of this year.

The site will serve as a hub for Hyundai Motor’s mobility manufacturing.

Hyundai Motor Company president and CEO Jaehoon Chang said: “For the past half-century, Hyundai’s Ulsan Plant has evolved as technicians on the production line have learned, created, and challenged new things.

“Inheriting the heritage of the Ulsan Plant, which has turned grand dreams into reality through the power of people, Hyundai will do its best to become the first mover in the electrification era with the pride and responsibility to create mobility innovations for people.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Construction work is set to finish in 2025, with mass production expected for Q1 2026.

The first vehicle manufactured at this new facility will be an electric SUV from Hyundai Motor Group’s luxury brand, Genesis.

Hyundai Motor intends to use an advanced manufacturing platform created by the Hyundai Motor Group Innovation Center Singapore at its dedicated EV facility in Ulsan.

The technology will be used to construct a logistics system featuring automated components logistics.