Hyundai Plans to Build a New Electric Car Plant in South Korea with an Investment of 2 Trillion KRW
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Update time : 2023-05-13 10:13:36
News reports suggest that Hyundai Motor Group will spend 2 trillion won to build a new factory in South Korea for the production of electric cars.
The new plant, which Hyundai plans to build in Ulsan, will begin construction in the fourth quarter of this year and is expected to be completed by 2025.
The new plant will be equipped with intelligent systems and will be highly automated, and will produce several next-generation vehicles.
Hyundai Motor Group plans to invest KRW 24 trillion by 2030 to expand the production and research and development of electric vehicles on Korean soil.
Hyundai Motor Group, which is investing heavily in electric vehicles, is planning to have 31 series of electric vehicles with an annual production capacity of 1.51 million units by 2030, and their planned global annual production capacity for the same period is 3.64 million units, of which electric vehicles will account for 40%.
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