Hyundai Motor initiates the construction of a dedicated electric vehicle (EV) plant in Ulsan, South Korea

The Hyundai Motor Group, currently ranked as the third-largest automaker globally, is steadfast in its drive to spearhead the transition to electrification. This dedication has resulted in the development of the highly praised IONIQ 5 and IONIQ 6 electric vehicles (EVs) upon their introduction.

The South Korean brand is stepping up the production of these vehicles as they have recently inaugurated the groundbreaking ceremony for a new EV plant in Ulsan, South Korea. This location holds historical significance as it is where Hyundai Motor Company's founding chairman, Chung Ju-Yung, laid the foundation for the brand's first manufacturing facility back in 1967, more than 50 years ago

Hyundai has announced that the upcoming 548,000-square-meter plant will have an annual production capacity of 200,000 units, with operations slated to commence in the first quarter of 2026. The inaugural vehicle to roll off the assembly line will be the Genesis SUV.

The automaker will integrate its manufacturing innovation platform, derived from the Hyundai Motor Group Innovation Center in Singapore (HMGICS), into the facility. This platform involves the deployment of a suite of human-centric equipment aimed at enhancing manufacturing safety and efficiency, as stated by the company.

Several automotive companies have recently scaled back their investment plans due to concerns about a potential decline in EV demand. Despite this, Euisun Chung, Hyundai's executive chair, expressed confidence in the EV market's positive trajectory. He acknowledged his company's vigilance in monitoring sentiment within the EV market but emphasized their belief in the positive trend, even in the face of challenges such as a shortage of charging infrastructure.