Hyundai Motor Begins Construction of New EV Plant in Ulsan
November 13, 2023
Hyundai Motor Company recently commenced the construction of a new electric vehicle (EV) plant at its Ulsan complex. The groundbreaking ceremony took place at the site of Hyundai's first significant manufacturing base, established by Founding Chairman Ju-yung Chung over 50 years ago.
The new plant, covering an area of 548,000 m², is planned to have a production capacity of 200,000 EVs per year. The project involves an investment of approximately KRW 2 trillion ($1.53 billion). Construction is expected to begin in the fourth quarter of 2023, with the aim of starting mass production in the first quarter of 2026. The facility's design emphasizes employee safety and operational efficiency.
Hyundai's establishment of the EV-dedicated plant represents an extension of the company's historical presence in the automotive industry and its ongoing transition to vehicle electrification.
The groundbreaking event was attended by various dignitaries, including Euisun Chung, Executive Chair of Hyundai Motor Group, and local government officials. The ceremony highlighted the plant's potential impact on Ulsan's automotive sector and Hyundai's role in the evolving global automotive landscape.
The ceremony included references to Hyundai's historical aspirations in the automotive industry, with a focus on the company's evolution over the years. This included a retrospective quote from the Founding Chairman, reproduced using artificial intelligence technology.
The Ulsan Plant, originating as an assembly plant in 1968, has been a significant part of Hyundai's development. The production of Hyundai's first unique model, the Pony, and the company's focus on quality management were notable milestones in its history.
The new EV plant is Hyundai's first major production facility established in Korea since the opening of the Asan plant in 1996. The facility is expected to align with the company's long-term objectives in the electrification era and its emphasis on human-centric values.
Hyundai plans to start its electrification era with the production of an electric SUV from its luxury brand Genesis at the new plant. The site, once used for vehicle development and testing, marks a continuation of Hyundai's efforts in vehicle innovation.
The company's approach to the new plant includes the use of innovative manufacturing technologies, a focus on environmental sustainability, and the creation of a workplace conducive to employee well-being. The design of the plant aims to incorporate natural light and nature-friendly spaces.
The groundbreaking ceremony and the accompanying heritage exhibition reflected on Hyundai's historical journey, emphasizing the company's evolution and its projected path in the electric vehicle market.
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