Hyundai is set to invest 2 trillion won ($1.51 billion) in the construction of a new electric vehicle (EV) factory spanning 548,000 square meters in Ulsan, approximately 300 kilometers southeast of Seoul. Once finalized, this facility will mark Hyundai’s first domestic manufacturing plant in nearly three decades, following the establishment of its Asan plant in 1996.
The event took place at the site of the electric vehicle (EV) plant, formerly a test drive area within Hyundai’s extensive Ulsan plant. Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum were present at the ceremony, as reported by Yonhap news agency.
As per Hyundai’s statement, the upcoming facility will utilize the advanced manufacturing platform developed by the Hyundai Motor Group Innovation Center in Singapore, which serves as the company’s intelligent urban mobility hub for smart technologies.
The platform considers and optimizes aspects related to the safety and convenience of workers, as well as the efficiency of operations. It incorporates an intelligent control system based on artificial intelligence and employs environmentally friendly, low-carbon production methods.
“The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years,” Chung said in his welcome remarks at the ceremony.
Chung also pledged for Hyundai to work together with the local government to make Ulsan a “pioneering innovative mobility city,” leading the era of electrification.
Earlier, Hyundai revealed its medium- to long-term objective of manufacturing and selling 940,000 electric vehicle (EV) units by 2026, with a more ambitious target of 2 million units by 2030. Following the event, Chung suggested that Hyundai plans to persist in its investments in the EV sector, even in the face of recent cost-cutting initiatives observed among global competitors like GM and Ford.
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“It’s an investment we’ve been making, and while there are various methods, such as cost reduction, in the broader picture, the demand for EVs will inevitably continue to increase,” Chung told reporters.
The ceremony also included a video showcasing the history of Hyundai’s Ulsan plant. The late Chung Ju-yung, Hyundai’s founder, was featured in the video, with his image and voice reimagined through artificial intelligence technology. In the footage, he commended the capabilities of South Korean engineers.
“Thanks to the outstanding abilities and dedication of these individuals, I am confident that the day is not far off when Korean cars, our cars, will dominate the global market,” the late founder was portrayed as saying.
With inputs from IANS