Last Updated on November 13, 2023 by SPN Editor
Hyundai Motor Co., the global automotive company has recently begun an exciting and significant project to demonstrate its strong dedication, to the future of electric vehicles (EVs). They have started constructing a cutting-edge EV plant in Ulsan, South Korea with an investment of 2 trillion won ( $1.52 billion). This groundbreaking initiative reflects Hyundai’s commitment to the environment and its vision for a future in the automotive industry.
In collaboration with its affiliate Kia Corp., Hyundai Motor aims to take the lead in revolutionizing the electric vehicle future. The awaited EV plant is expected to be fully operational by 2025 with mass production of EVs commencing in 2026. With a capacity of 200,000 units, this facility will play a crucial role in driving Hyundai’s ambitious strategy for electric vehicles.
The first model to roll out from this state-of-the-art plant will be a Sport Utility Vehicle (SUV) under Hyundais luxury brand Genesis. This exciting addition to the Genesis lineup demonstrates Hyundai’s commitment, to delivering premium and environmentally friendly mobility solutions.
Hyundai Motor Group, a leading force, in the industry with Hyundai Motor, Kia, and Genesis brands under its umbrella has set a target of introducing 31 electric vehicle (EV) models by 2030. This proactive step showcases the company’s belief in the growing EV market and its commitment, to driving the shift towards an environmentally friendly future.
Hyundai Motor’s groundbreaking ceremony in Ulsan serves as a testament to its steadfast commitment to the future of electric mobility. With a clear vision and unwavering determination, Hyundai is poised to lead the way toward a greener and more sustainable automotive landscape. As the world embraces electrification, Hyundai’s strategic investments and innovative spirit position the company at the forefront of this transformative era.
Hyundai Motor has also unveiled a comprehensive set of strategic initiatives
Hyundai is committing a monumental $80 billion towards future electrification endeavors, emphasizing the company’s substantial financial backing for the electric vehicle sector.
Demonstrating its forward-looking approach, the automotive giant has ambitious plans to introduce a total of 17 new Battery Electric Vehicles (BEVs) in the coming years, showcasing its commitment to expanding its electric vehicle portfolio.
Hyundai is actively engaged in the development of an innovative modular platform designed specifically for its electric vehicles. This groundbreaking platform is expected to underpin the next generation of Hyundai’s electric vehicle lineup, reflecting the company’s dedication to cutting-edge technology.
Hyundai has set its sights on the Indian market, with a pledge to launch six new battery electric vehicles by 2028. The company is backing this initiative with a significant investment of INR 4,000 crore, signaling a robust commitment to the growing electric vehicle market in India.
Hyundai’s newly established EV plant in Ulsan, South Korea, is poised to become a manufacturing powerhouse with a projected annual output of an impressive 200,000 electric vehicles. This production capacity underscores Hyundai’s commitment to meeting the surging demand for electric vehicles worldwide and contributing significantly to the global transition toward sustainable mobility.