Hyundai to spend 2 trillion won to build new EV factory in South Korea

Hyundai Motor Group said on Tuesday that it will spend 2 trillion won to build a new electric vehicle factory in South Korea.

Construction of the factory to be built at the city of Ulsan will start in the fourth quarter this year with completion expected in 2025.

The new factory will use smart systems and automation and build various next-generation cars, Hyundai Motor Group said.

Meanwhile, last month, Kia, part of Hyundai Motor Group, also began construction of a EV-dedicated factory at Hwaseong.

The auto giant earmarked 1 trillion won for this factory, which will start mass production in the second half of 2025. Kia is aiming for an annual production capacity of 150,000 units.

Hyundai Motor Group is planning to spend 24 trillion won in South Korea up to 2030 to expand its EV production and research capacity.

It is aiming for 31 EV lineups and an annual production capacity of 1.51 million units by 2030. Its global annual production capacity goal over the same time period is 3.64 million units.