Hyundai announced that it will invest 2 trillion won to build a factory in Ulsan to produce electric vehicles with an annual production capacity of 200000 vehicles.
CTOnews.com, Nov. 13, Hyundai Motor announced today the opening of a new factory for electric vehicles in Ulsan, where the groundbreaking ceremony was held.
It is worth mentioning that more than 50 years ago, Chung Ju-Yung, founder and first president of Hyundai Group, established the company's first major production base here.
According to reports, the project is expected to invest 2 trillion won (CTOnews.com Note: currently about 11.08 billion yuan), 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 548000 square meters and has an annual production capacity of about 200000 vehicles. Hyundai Group's Genesis luxury electric SUV will be the first model produced by the new factory.
