Hyundai plans to build a new electric car factory in South Korea with an investment of 2 trillion won
On May 11, according to foreign media reports, Hyundai Automobile Group, which is vigorously developing electric vehicles, will spend 2 trillion won (CTOnews.com Note: currently about 10.44 billion yuan) to build a new factory in South Korea to produce electric cars.
According to the report, Hyundai's planned new plant, which will be built in Ulsan, will begin construction in the fourth quarter of this year and is expected to be completed in 2025.
Foreign media also mentioned in the report that the new factory planned by the Automobile Group will be equipped with intelligent systems and a high degree of automation, and will produce a variety of next-generation cars when completed.
With the increasing demand for electric vehicles, a number of manufacturers are building factories dedicated to the production of electric vehicles. Kia, a subsidiary of Hyundai Motor Group, also began building an electric vehicle factory in Huacheng last month, with an investment of 1 trillion won. It is scheduled to start production in the second half of 2025, with an annual production capacity of 150000 vehicles.
According to previous plans, Hyundai and Kia's Won3tn investment in two South Korean plants is only a fraction of their planned investment in electric vehicles.
According to foreign media reports, Hyundai Motor Group plans to invest 24 trillion won (currently about 125.28 billion yuan) in South Korea by 2030 to expand the production and research and development of electric vehicles.
Hyundai Motor Group, which invests heavily in electric vehicles, plans to have 31 series of electric vehicles by 2030, with an annual production capacity of 1.51 million vehicles. During the same period, their planned annual production capacity in the world is 3.64 million vehicles, and electric vehicles will account for 40% of the total.
