After 27 years, Hyundai has built a new factory in South Korea to produce 200000 electric vehicles annually

On November 13th, Hyundai Motors broke ground to build an electric vehicle factory in Ulsan, South Korea. The factory has a total investment of 2 trillion Korean won (approximately 11 billion yuan) and an annual production capacity of 200000 vehicles.

The factory is scheduled to be completed in 2025 and will begin mass production of electric vehicles in the first quarter of 2026. The first model will be an electric SUV from Hyundai's luxury brand, Janice.

It is reported that this will be the new factory built by the company in South Korea after 27 years, following the construction of the Eshan factory in 1996.