Hyundai breaks ground on $1.5 bn EV Plant in Ulsan

Scheduled to become operational in 2026, this facility marks Hyundai's first domestic manufacturing plant in 29 years, since the establishment of its Asan plant in 1996. The groundbreaking event took place at the EV plant site, a former test drive location within Hyundai's larger Ulsan plant, and was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, according to Yonhap news agency.

Hyundai plans to leverage its innovative manufacturing platform, developed by the Hyundai Motor Group Innovation Centre in Singapore, for the operation of the envisioned facility. This platform incorporates elements focusing on workers' safety, convenience, and operational efficiency, integrating an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods.

During the ceremony, Euisun Chung expressed that the dedicated EV plant signifies a new chapter in the electrification era for the next 50 years. He also committed Hyundai to collaborate with the local government to transform Ulsan into a pioneering innovative mobility city, leading the electrification era.

Hyundai has previously outlined its medium- to long-term goal of producing and selling 940,000 EV units by 2026 and 2 million units by 2030. Euisun Chung, in post-event discussions with reporters, hinted at Hyundai's continued investment in the EV business despite recent cost-cutting initiatives by global competitors like GM and Ford. He emphasised the inevitable increase in demand for EVs and expressed confidence in Hyundai's ongoing commitment to this sector.

The ceremony featured a video showcasing the history of Hyundai's Ulsan plant, including a portrayal of the late founder Chung Ju-yung, who praised the capabilities of South Korean engineers. Using artificial intelligence technology, his image and voice were recreated, with the founder expressing confidence in Korean cars dominating the global market in the near future.