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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Motor Group is speeding up the establishment of an electric vehicle production plant in Korea. In the first half of this year, three factories in Hwaseong, Ulsan, and Gwangmyeong will be converted into electric vehicle production facilities. A total of 3 trillion won will be spent on conversion costs in Hwaseong and Ulsan.
Hyundai Motors announced on the 9th that it will invest about 2 trillion won in the site of 234,710㎡ (71,000 pyeong), which has been used as an autonomous driving test site in its flagship plant in Ulsan, to build its first electric vehicle-only plant.
The construction of the new Ulsan plant will begin in the fourth quarter of this year. Both Ulsan and Hwaseong plants are aimed at completion in 2025.
The auto industry expects the electric vehicle market to face an inflection point in growth as global finished cars pour out new electric vehicles between 2024 and 2025.
Hyundai Motor Group, which became a global automaker "Big Three" based on sales of new cars last year, plans to make all-out efforts to build an electric vehicle production base with the goal of "Global Electric Vehicle Big Three." Among them, Korea announced that it will invest a total of 24 trillion won by 2030. Through this, we plan to build a total of 31 electric vehicle lineups by 2030.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
