Modern investment of $1.5 billion to build a new factory in South Korea, annual production of 200,000 electric vehicles.

South Korean country to receive $1.5 billion investment for construction of new state-of-the-art factory, capable of producing 200,000 electric vehicles annually.

【PhoneAuto News】On November 13th, PhoneAuto learned that Hyundai Motor Company held a groundbreaking ceremony for a dedicated electric vehicle (EV) production plant in Ulsan, a southeastern industrial city in South Korea. The goal of this plant is to produce 200,000 vehicles per year starting from 2026. Hyundai plans to invest 20 trillion Korean won (approximately $1.51 billion) to build this factory, which covers an area of 548,000 square meters. This will be the company’s first new factory in South Korea in 27 years since the construction of the Asan plant in 1996.

Earlier, Hyundai released its third-quarter operating profit. The financial report shows that due to strong demand for high-profit gasoline SUVs, Hyundai’s third-quarter sales increased by 8.7% year-on-year, reaching 4.1 trillion Korean won; operating profit reached 3.82 trillion Korean won (equivalent to $2.8 billion), a year-on-year increase of 146%. Thanks to favorable exchange rates, Hyundai’s net profit for the third quarter was 3.3 trillion Korean won, more than twice the figure for the same period last year (134%), exceeding LSEG SmartEstimate’s expectation of 2.9 trillion Korean won.

In addition, Hyundai stated that it will not delay the launch of new electric vehicles and remains optimistic about the prospect of continued growth this year, which is in stark contrast to the recent measures taken by competitors to reduce electric vehicle production. Seo Gang Hyun, Hyundai’s Executive Vice President, said at the third-quarter financial results conference for analysts, “We do not intend to significantly reduce the production volume or product line of electric vehicles due to short-term obstacles because we believe that electric vehicle sales will grow in the long term.”

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Seo Gang Hyun also stated that Hyundai’s electric vehicle sales next year may be slightly lower than previously expected, but if demand shifts towards gasoline vehicles, the company can flexibly increase gasoline vehicle production, and he expects this will not have a significant impact on overall sales.

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