Hyundai Invests $1.51 Billion in EV Factory, Aims for Electrification Future

Hyundai Invests $1.51 Billion in EV Factory, Aims for Electrification Future

Hyundai, a leading automotive manufacturer, has announced its plans to invest 2 trillion won ($1.51 billion) in the construction of a brand-new electric vehicle (EV) factory. This state-of-the-art facility will span across an impressive 548,000 square meters and will be located in Ulsan, South Korea, approximately 300 kilometers southeast of Seoul. Once completed, it will mark Hyundai’s first domestic manufacturing plant in nearly three decades since the establishment of its Asan plant in 1996.

The momentous ceremony, held at the site of the future EV plant, was attended by prominent figures within Hyundai Motor Group, including Executive Chair Euisun Chung, and Ulsan Mayor Ki Du-kyum. While addressing the attendees, Chung expressed his excitement about this new development, stating that the dedicated EV plant would usher in a new era of electrification for the next 50 years.

Hyundai plans to leverage its innovative manufacturing platform, created by the Hyundai Motor Group Innovation Center in Singapore, to operate the envisioned facility. This advanced platform prioritizes workers’ safety, convenience, and efficient operations through an AI-based intelligent control system and environmentally friendly production methods.

FAQ:
Q: What is Hyundai investing in?
A: Hyundai is investing $1.51 billion in the construction of a new electric vehicle factory in Ulsan, South Korea.

Q: What is Hyundai’s innovative manufacturing platform?
A: Hyundai’s innovative manufacturing platform is a system developed by the Hyundai Motor Group Innovation Center in Singapore. It incorporates an AI-based intelligent control system and focuses on workers’ safety, convenience, and efficient operations.

Q: When was Hyundai’s last domestic manufacturing plant established?
A: Hyundai’s last domestic manufacturing plant was established in 1996.

Q: What is the goal of Hyundai regarding electric vehicles?
A: Hyundai aims to produce and sell 940,000 EV units by 2026 and 2 million units by 2030.

Q: Will Hyundai continue investing in the EV business?
A: Yes, despite recent cost-cutting efforts by global competitors, Hyundai intends to continue investing in the EV business as the demand for electric vehicles is expected to increase.

Q: Where will the EV factory be located?
A: The EV factory will be located in Ulsan, South Korea.


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