Hyundai breaks ground on $1.5 bn EV Plant in Ulsan
ECONOMY & POLICY

Hyundai breaks ground on $1.5 bn EV Plant in Ulsan

Hyundai Motor conducted a groundbreaking ceremony for a new electric vehicle (EV) manufacturing plant in Ulsan, the country's southeastern industrial city. The objective is to achieve an annual production of 200,000 vehicles starting in 2026. To realise this, Hyundai will invest 2 trillion won ($1.51 billion) in constructing a 548,000-square-meter EV factory, located approximately 300 kilometers southeast of Seoul.

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.

Hyundai Motor conducted a groundbreaking ceremony for a new electric vehicle (EV) manufacturing plant in Ulsan, the country's southeastern industrial city. The objective is to achieve an annual production of 200,000 vehicles starting in 2026. To realise this, Hyundai will invest 2 trillion won ($1.51 billion) in constructing a 548,000-square-meter EV factory, located approximately 300 kilometers southeast of Seoul. 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.

Next Story
Infrastructure Transport

Maharashtra Approves Rs 9.31 Bn for Bhandara–Gadchiroli Expressway

The Maharashtra cabinet, chaired by Chief Minister Devendra Fadnavis, has approved the revised design and funding of Rs 9.31 billion for the Bhandara–Gadchiroli controlled access expressway, a project expected to enhance connectivity across Vidarbha.The 94.2 km expressway, to be implemented by the Maharashtra State Road Development Corporation (MSRDC), will cut the Bhandara–Gadchiroli distance by 23 km and reduce travel time to 1.5 hours. Of the sanctioned funds, Rs 5.34 billion has been earmarked for project work and Rs 3.96 billion for interest, with land acquisition to begin shortly.The..

Next Story
Infrastructure Energy

Waaree Energies to Offload 14.66% Stake in Indosolar via OFS

Waaree Energies, promoter of Indosolar, will sell up to 61 lakh equity shares, representing 14.66 per cent of Indosolar’s paid-up capital, through an Offer for Sale (OFS) on stock exchanges. The move is aimed at meeting SEBI’s minimum public shareholding (MPS) norms.The OFS will open for non-retail investors on September 18 (T-day), followed by retail investors on September 19 (T+1 day), through a dedicated trading window. Each share carries a face value of Rs 10.Antique Stock Broking has been appointed as the seller’s broker to manage the transaction, ensuring compliance and transparenc..

Next Story
Infrastructure Energy

Gujarat Adds 6,632 MW Renewable Capacity in 2025

Gujarat has added 6,632 MW of renewable energy capacity between April and August 2025, taking its total installed capacity to 39,275.7 MW.The surge is driven by large-scale solar parks, hybrid solar-wind projects, and enhanced transmission infrastructure, further cementing Gujarat’s position as a renewable energy leader.Officials said the expansion supports the state’s sustainable energy goals while strengthening grid reliability and ensuring long-term energy security.News source: Bharat Aawaz ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?