© Reuters. FILE PHOTO: The brand of Hyundai Motor Firm is pictured on the New York Worldwide Auto Present, in Manhattan, New York Metropolis, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Picture
By Heekyong Yang
ULSAN, South Korea (Reuters) – Hyundai Motor (OTC:) Co on Monday broke floor on a 2 trillion received ($1.52 billion) devoted electrical automobile (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 development in 2025.
The manufacturing facility in Ulsan within the southeast of the nation can have an annual capability of 200,000 items and the corporate stated its first mannequin shall be an electrical sport utility automobile (SUV) from its luxurious model Genesis.
Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis manufacturers, stated in April it plans to launch 31 EVs by 2030.
Hyundai Motor Group’s Government Chair Euisun Chung, Hyundai Motor’s Chief Government Officer and different officers, together with the Ulsan Metropolitan Metropolis Mayor, attended the occasion to witness the bottom breaking of the EV manufacturing facility, the automaker’s first new plant in South Korea in 29 years. Hyundai’s Ulsan advanced is its largest manufacturing web site.
The groundbreaking comes after Hyundai Motor stated it could follow its EV rollout plans – a distinction to some rivals which have pulled again on EV manufacturing because of cooling demand.
Citing flattening demand for EVs, Common Motors Co (NYSE:) stated it could delay manufacturing by a 12 months of the Chevrolet Silverado and GMC Sierra electrical pickup vans at a plant in Michigan. Ford Motor (NYSE:) Co is quickly reducing one among 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 facility, whereas GM and Honda (NYSE:) introduced final month that they had been ending a $5 billion plan to develop lower-cost EVs collectively.
Final 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 received)
