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.”
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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.