Hyundai Motor announced today the opening of a new electric vehicle-specific factory in Ulsan and held a groundbreaking ceremony here.
It is worth mentioning that more than 50 years ago, Hyundai Group founder and first chairman Chung Ju-young established the company’s first major production base here.
According to reports, the project is expected to invest 2 trillion won. Full construction will begin in the fourth quarter of 2023, and mass production will begin in the first quarter of 2026.
The new factory covers an area of 548,000 m2 and has an annual production capacity of approximately 200,000 vehicles. The Genesis luxury electric SUV owned by Hyundai Group will be the first model produced in the new factory.
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