Hyundai Motor Company, alongside its affiliate Kia Corp., has commenced construction of a new electric vehicle (EV) factory in South Korea. With an investment of $1.5 billion (2 trillion won), the factory, located in Ulsan, is set to be completed in 2025 and aims for an annual production capacity of 200,000 EVs starting from the first quarter of 2026. This project marks Hyundai’s first new domestic plant in 29 years.

Hyundai plans to adapt its investment strategies in line with the evolving EV market, aiming to sell 2 million EVs by 2030. The company intends to introduce a flexible production