Hyundai Motor Group to create robust EV ecosystem

The Korea Times

The Korea Times

Business

Tue, October 3, 2023 | 06:53

Hyundai Motor Group to create robust EV ecosystem

Posted : 2023-05-09 16:42

Updated : 2023-05-10 11:21

Minister of Economy and Finance Choo Kyung-ho, front row second from right, visits a production line at Hyundai Motor's plant in Ulsan, Tuesday. Courtesy of Ministry of Economy and Finance

By Kim Hyun-bin

Hyundai Motor Group is planning to expand its production of domestic electric vehicles (EVs) so as to solidify its position as a first mover in the EV industry, company officials said Tuesday.

The company unveiled its plan to Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, during his visit to the mobility company's Ulsan plant, including the construction of a new EV production plant there.

Hyundai aims to start building the new plant, which will be dedicated to EVs, in the fourth quarter of this year, by investing approximately 2 trillion won ($1.51 billion), completing the plant by 2025. It will be Hyundai's first new domestic plant in 29 years since the Asan plant began operations in 1996.

Kia EV9/ Courtesy of Hyundai Motor Group

The new plant will produce a variety of next-generation cars based on intelligent smart systems, automation, and environmentally friendly production facilities as well as using big data. Kia began construction of a customer-tailored EV plant in April at Autoland Hwaseong.

This is Hyundai's first EV-dedicated plant, investing approximately 1 trillion won in a 30,000 square-meter site. It is expected to become a best practice example for the future of domestic car production, pursuing flexible production, low-carbon, artificial intelligence, with plans to start mass production by the second half of 2025, securing an annual production capacity of up to 150,000 vehicles. Autoland Gwangmyeong will also begin work to convert its internal combustion engine production facility into an EV-dedicated production line in the first half of this year.

Hyundai Group also revealed plans to contribute to enhancing Korea's role as a global innovation hub for the car industry of tomorrow with massive investments. By 2030, the company plans to invest a total of 24 trillion won in domestic EV-related technologies and facilities in order to develop a total of 31 EV lineups, expand annual EV production to 1.51 million vehicles, and increase global EV production to 3.64 million vehicles, achieving the goal of being one of the top three global EV producers by 2030.

hyunbin@koreatimes.co.kr