- Hyundai invests $1.52 billion in a new EV plant in Ulsan, South Korea, targeting mass production by Q1 2026.
- Committed to sustainability, Hyundai plans 31 EV models by 2030 and stays resilient amid industry changes.
- Ulsan complex adopts advanced tech, solidifying Hyundai’s role in the global EV market.
Hyundai boosts mass EV production with a new $1.5 million plant underway
Hyundai Motor is charging into the future with a massive $1.52 billion investment in a new electric vehicle (EV) plant in Ulsan, South Korea. This move signals the automaker’s determination to shift gears towards sustainable, electrified transportation.
Scheduled to kick off mass production in the first quarter of 2026, the cutting-edge facility boasts a hefty annual capacity of 200,000 units. The inaugural model to roll off the assembly line will be an electric SUV from Hyundai’s luxury brand, Genesis. Hyundai Motor Group has its sights set on the global EV market, aiming to launch a total of 31 EV models by 2030.
The Ulsan complex, Hyundai’s largest manufacturing site, is already an automotive powerhouse with an impressive annual production capacity of 1.4 million vehicles. Notably, the new plant marks a significant milestone as the first domestically built facility in 29 years.
While some competitors are scaling back due to cooling demand, Hyundai Motor is revving up its efforts. Last year, the company broke ground on a $5.54 billion EV and battery plant in the US.
Hyundai’s CEO, Chang Jae-hoon, commented:
“Hyundai will continue to make efforts to create innovative mobility for people by inheriting the heritage of the Ulsan plant, which made a great dream a reality with human power.”
Hyundai Motor aims to sell a whopping 2 million EVs by 2030. The strategy includes flexible investment in electrification, with an eye on adapting to the ever-evolving demands of the market.
The new plant promises cutting-edge features, from a flexible production system to automated assembly facilities. Hyundai is embracing advanced technologies like robotics, artificial intelligence, and smart logistics to ensure safety, efficiency, and precision.
Ulsan holds a special place in Hyundai’s history, being the birthplace of the company’s global automotive journey in 1968. With this new facility, Hyundai is creating a legacy of innovation and building their foundations for the future.