Hyundai Plans To Build A New Electric Car Factory In South Korea, Investing 2 Trillion Won

Hyundai Motor Group, which is vigorously developing electric vehicles, will spend 2 trillion won to build a new building in South Korea for the production of electric vehicles. factory.

According to reports, the new factory planned by Hyundai Motor will be built in Ulsan. Construction will start in the fourth quarter of this year and is expected to be completed in 2025.

It is also mentioned in the report that the new factory planned by the current automobile group will be equipped with intelligent systems and highly automated. After completion, it will produce a variety of next-generation cars.

With the increase in demand for electric vehicles, many manufacturers are building factories dedicated to the production of electric vehicles. It will be put into production in the second half of 2025, with a planned annual production capacity of 150,000 vehicles.

In terms of previous plans, Hyundai Motor and Kia’s 3 trillion won investment in two factories in South Korea is only a small part of their planned investment in the field of electric vehicles.

The report, however, claims that Hyundai Motor Group plans to invest 24 trillion won in South Korea by 2030 to expand the production and research and development of electric vehicles.

Hyundai Motor Group, which invests heavily in electric vehicles, plans to have 31 series of electric vehicles by 2030, with an annual production capacity of 1.51 million vehicles.

During the same period, their planned annual production capacity in the world is 3.64 million vehicles, and electric vehicles will account for 4 become.

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