{"id":2202744,"date":"2023-11-15T08:00:02","date_gmt":"2023-11-14T23:00:02","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202744"},"modified":"2023-11-14T16:39:04","modified_gmt":"2023-11-14T07:39:04","slug":"hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/","title":{"rendered":"Hyundai\u2019s Ulsan electric vehicle plant: A $1.5 billion gamble in tight market"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Hyundai Motor Company, alongside its affiliate Kia Corp., has <\/span><a href=\"https:\/\/www.hyundai.co.kr\/news\/CONT0000000000121128\"><span style=\"font-weight: 400;\">commenced construction<\/span><\/a><span style=\"font-weight: 400;\"> 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\u2019s first new domestic plant in 29 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 system in the new plant, incorporating robotics, AI and smart logistics to enhance productivity and quality.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Hyundai Motor\u2019s decision to construct a new $1.5 billion EV factory in South Korea comes as South Korea <\/span><a href=\"https:\/\/www.kedglobal.com\/electric-vehicles\/newsView\/ked202307100015\"><span style=\"font-weight: 400;\">retains its top spot<\/span><\/a><span style=\"font-weight: 400;\"> in eco-friendly vehicle exports to the U.S., despite challenges posed by the U.S. Inflation Reduction Act. Further, South Korea\u2019s environment ministry <\/span><a href=\"https:\/\/www.korea.net\/Government\/Briefing-Room\/Press-Releases\/view?articleId=1627030&amp;insttCode=A260112&amp;type=N#:~:text=This%20measure%20applies%20only%20to,the%20manufacturer's%20vehicle%20price%20discount.\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> a plan in September to expand subsidies for the purchase of electric cars to promote domestic demand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Hyundai\u2019s expansion plan faces potential supply chain vulnerabilities, particularly in the context of the refined graphite market, crucial for lithium-ion batteries. With China, accounting for about 90% of the world\u2019s refined graphite production, exerting <\/span><a href=\"https:\/\/koreapro.org\/2023\/11\/why-chinas-graphite-control-impacts-south-koreas-battery-landscape\/\"><span style=\"font-weight: 400;\">tighter export controls<\/span><\/a><span style=\"font-weight: 400;\">, South Korea\u2019s major automakers could face supply challenges. Further, South Korean battery makers are <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/tech\/2023\/11\/129_363021.html\"><span style=\"font-weight: 400;\">putting the brakes<\/span><\/a><span style=\"font-weight: 400;\"> on their plans to build manufacturing facilities overseas. This global market shift could impact Hyundai\u2019s long-term operations as other South Korean battery makers scale back their overseas expansion plans.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,29],"class_list":["post-2202744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hyundai\u2019s Ulsan electric vehicle plant: A $1.5 billion gamble in tight market - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyundai\u2019s Ulsan electric vehicle plant: A $1.5 billion gamble in tight market - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"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 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/\" \/>\n<meta property=\"og:site_name\" content=\"KOREA PRO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T23:00:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-14T07:39:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/11\/eb-4.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1\" \/>\n\t<meta property=\"og:image:height\" content=\"1\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"Hyundai\u2019s Ulsan electric vehicle plant: A $1.5 billion gamble in tight market\",\"datePublished\":\"2023-11-14T23:00:02+00:00\",\"dateModified\":\"2023-11-14T07:39:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/\"},\"wordCount\":275,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/11\/hyundais-ulsan-electric-vehicle-plant-a-1-5-billion-gamble-in-tight-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/11\/eb-4.png\",\"keywords\":[\"Business &amp; 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