Hyundai Motors announced today that it started the construction of a brand-new EV factory in Ulsan, South Korea. The investment amounts to $1.52 billion and it's the company's first South Korean factory in 29 years. The plant should be ready by 2025 and will start producing EVs exclusively in 2026.
Since Hyundai encompasses Hyundai, Kia and Genesis, it's no surprise that the first EV model to roll out of the plant in 2026 will be a Genesis-branded SUV. The production capacity of the factory is said to be 200,000 units per year. This will add to the already existing capacity of Hyundai's Ulsan manufacturing site, which is now outputting 1.4 million units per year, with 1.1 million of those being for export. The manufacturing site has its own port for extra convenience.
The company's CEO said Hyundai is focusing on its domestic and US-based manufacturing hubs for now and doesn't have any plans to slow down its EV production, unlike some of its rivals who are being scared away due to the shrinking EV demand. In fact, the Hyundai Motor Group is eyeing 31 EV models by 2030 from all of its subsidiaries.