© Reuters. FILE PHOTO: The emblem of Hyundai Motor Company is pictured on the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo
By Heekyong Yang
ULSAN, South Korea (Reuters) – Hyundai Motor (OTC:) Co on Monday broke floor on a 2 trillion gained ($1.52 billion) devoted electrical car (EV) plant in South Korea, because the automaker speed up a shift to electrification.
Hyundai Motor, the world’s No.3 automaker by gross sales with its affiliate Kia Corp, plans to start mass manufacturing of EVs from the plant within the first quarter of 2026 after finishing building in 2025.
The manufacturing unit in Ulsan within the southeast of the nation could have an annual capability of 200,000 items and the corporate mentioned its first mannequin might be an electrical sport utility car (SUV) from its luxurious model Genesis.
Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis manufacturers, mentioned in April it plans to launch 31 EVs by 2030.
Hyundai Motor Group’s Executive Chair Euisun Chung, Hyundai Motor’s Chief Executive Officer and different officers, together with the Ulsan Metropolitan City Mayor, attended the occasion to witness the bottom breaking of the EV manufacturing unit, the automaker’s first new plant in South Korea in 29 years. Hyundai’s Ulsan complicated is its largest manufacturing website.
The groundbreaking comes after Hyundai Motor mentioned it will stick with its EV rollout plans – a distinction to some rivals which have pulled again on EV manufacturing as a result of cooling demand.
Citing flattening demand for EVs, General Motors Co (NYSE:) mentioned it will delay manufacturing by a 12 months of the Chevrolet Silverado and GMC Sierra electrical pickup vehicles at a plant in Michigan. Ford Motor (NYSE:) Co is briefly slicing considered one of three shifts on the plant that builds its electrical F-150 Lightning pickup truck.
Tesla (NASDAQ:) Inc can also be slowing plans for a Mexico manufacturing unit, whereas GM and Honda (NYSE:) introduced final month that they had been ending a $5 billion plan to develop lower-cost EVs collectively.
Last 12 months, Hyundai Motor Group broke floor on a $5.54 billion EV and battery crops within the U.S. state of Georgia.
($1 = 1,316.5100 gained)