Amidst a crowded field that includes juggernauts like Tesla TSLA and members of the old automotive guard like Detroit-based General Motors, Hyundai HYMLF is expanding its ability to be a major disruptor in the electric car market.
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In a statement released today, the South Korean brand broke ground on a $1.5 billion plant dedicated to the production of EVs in its native country.
The factory in the southeastern South Korea city of Ulsan will have an annual capacity of 200,000 vehicles and is part of the brand's shift from internal combustion engine (ICE) cars.
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“The new EV-dedicated Plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I am honored to share our dream of a 100-year company here,” said Hyundai Motor Group's Executive Chair Euisun Chung. “Just as the dream of building the best car in the past made Ulsan an automotive city today, I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant.”
Hyundai has said that they plan to apply new manufacturing innovations at this new plant, which includes the use of robotics, smart logistics systems and artificial intelligence for efficiency, as well as a nature-friendly design, which encourages the health and well-being of factory workers.
According to Hyundai, the new factory will maximize the use of natural light, and will also feature a "Central Park" that will double as a hub and a rest area for its workers. Additionally, solar panels and upcycled concrete will be used to minimize its carbon emissions.
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The plant is the first new factory in its native South Korea in 29 years and will be instrumental in the Hyundai Motor Group's plan to launch 31 new EV models throughout its Hyundai, Kia and Genesis brands by 2030.
The new EV factory will be part of the already massive Hyundai complex in Ulsan, South Korea, which is the company's, and the world's largest automotive manufacturing site. It's yearly capacity of 1.4 million vehicles sees 1.1 million of them destined for export via its own car-carrier port.
But as some manufacturers like General Motors GM roll back their EV plans, Hyundai is blowing full steam ahead towards an electric future.
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The new plant in Ulsan will join Hyundai's $5.44 billion EV and battery plant currently under construction outside of Savannah, Ga. The plant, the largest in the state, will have an annual capacity of 300,000 units.
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