Hyundai has broken ground on the construction of a new factory where hundreds of thousands of EVs will soon roll off the production line every year.
We recently heard of temporary production stops at EV factories and the cancellation of planned battery factories due to disappointing demand. However, there are also other sounds. For example, Hyundai has started building a brand new EV factory in its home country of South Korea.
A 548,000-square-meter factory is being built in Ulsan, which should be ready in 2025. Car production can then start in 2026, starting with ‘an electric SUV from Genesis’. Probably a brand-new model that will remain a secret for a while. Of course, there will also be cars from Hyundai itself and probably also from Kia. Ultimately, annual production should reach 200,000 units. The construction of the factory involves an investment of over €1.4 billion.