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[Alpha Biz=(Chicago) Reporter Kim Jisun] "The Ulsan electric vehicle (EV) plant is another beginning of the next 50 years and the era of motorization. It is an honor to share the dream of a 100-year company here."
Chung Eui-sun, chairman of Hyundai Motor Group, made the remarks at a groundbreaking ceremony for the Ulsan EV-only plant held at the site of a new electric vehicle plant in the Ulsan plant on the 13th.
Chairman Chung stressed, "I believe Ulsan will become an innovative mobility city that leads the era of electric power, starting with Hyundai Motor's EV-only plant, just as the dream of making the best car in the past has made Ulsan an auto industry city today."
The groundbreaking ceremony was attended by Chairman Chung and other Hyundai Motor Group executives, Ulsan Metropolitan City Mayor Kim Doo-kyum, First Vice Minister of Trade, Industry and Energy Jang Young-jin, lawmaker Lee Chae-ik, lawmaker Lee Sang-hun and lawmaker Park Sung-min.
Hyundai Motor's Ulsan plant, the nation's largest auto production hub that has led the growth of the Korean auto industry, will be transformed into an electric car hub. The new Ulsan EV plant is Hyundai Motor's new plant in Korea, the first of its kind in 29 years since its Asan plant in 1996. The Ulsan EV-only plant will be the largest in Korea that can mass-produce 200,000 electric vehicles annually on a 548,000㎡ (about 166,000 pyeong) site. About 2 trillion won will be newly invested and construction will begin in earnest in the fourth quarter of this year and be completed in 2025. It will start mass production in earnest from the first quarter of 2026. Luxury brand Genesis' super-large electric sport utility vehicle (SUV) GV90 model will be first produced at the new plant.
In particular, Chairman Chung predicted that global demand for electric vehicles will increase, hinting that he will continue to make investments.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
