In its home market of South Korea, Hyundai has started construction on a massive new electric vehicle facility. Before 2023 is out, the plant’s full-scale construction will start, so Hyundai isn’t wasting any time.
After construction is finished, the $1.5 billion plant will be able to produce 200,000 electric vehicles annually, making it Hyundai’s first new manufacturing site in Korea in almost 30 years. On the location of its previous Ulsan testing grounds, Hyundai is constructing the plant. In terms of when it will actually begin producing automobiles, Hyundai plans to begin in Q1 2026, or just over two years from now.
Recertified with a RE100, the almost 550,000-square-meter factory will run exclusively on renewable energy. Hyundai even plans to build the plant using “low carbon” construction methods in an effort to create a nett carbon-neutral structure.
Following the announcement that it was working on yet another EV factory, in Saudi Arabia, Hyundai said last month that the foundation work for its future EV and battery plant in Georgia, the US, had been finished. Production at its Georgia facility could begin as early as the end of 2024, surpassing earlier operating schedule projections. Hyundai is now producing the GV70, an electric vehicle, in the US under the luxury Genesis brand.
The cars that this new Korea plant will build when it opens are unknown, but it’s possible that production models of the EV3 and EV4 concept may be offered.