Hyundai Breaks Ground On $1.5 Billion South Korean EV Plant
Hyundai puts its foot on the gas with respect to EVs.
Hyundai, Kia, and Genesis have become some of the brands to watch in the EV space. All of their electric vehicle efforts have been well-considered, attractively priced offerings. Now, the brand has announced that broken ground on a new $1.5 billion plant in South Korea.
This factory in Ulsan will have a capacity of 200,000 units when it finally gets up and running in 2026. The first model expected to be made there will be a Genesis EV crossover yet to be named or unveiled.
This new plant dovetails smoothly with Hyundai's current production abilities and electrification goals. Hyundai plans to introduce 31 new electric vehicles by 2030. Likewise, Ulsan is Hyundai's biggest manufacturing center with the capacity to produce 1.4 million vehicles, and export 1.1 million of them. The five-plant complex already produces the Hyundai Ioniq 5 and Hyundai Kona Electric.
It's not quite clear how much this new plant will affect the US and Canada. Because of the Inflation Reduction Act's tax incentive limits on the country of origin for new EVs, a South Korean-made EV wouldn't be eligible for up to $7,500 off. Still, more capacity for Evs is a good thing for the South Korean juggernaut. Unlike many other companies, Hyundai's EV products have added to the company's bottom line, gathering revenue and profit, rather than being a huge money funnel.
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Kevin has been obsessed with cars ever since he could talk. He even learned to read partially by learning and reading the makes and models on the back of cars, only fueling his obsession. Today, he is an automotive journalist and member of the Automotive Press Association. He is well-versed in electrification, hybrid cars, and vehicle maintenance.
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Of course they are, their Gas engines are crap