Hyundai spends 1.4 billion euros on its electric car factory

The Koreans have gone from being considered a second-rate manufacturer to one of the greatest world powers. Their future is electric and they are already laying the foundations for that horizon. To move forward you have to look at the past. We have to understand where we come from to know where we are going. Without the past, there is no future and in Asian culture, it is very present. The Hyundai Group, made up of Hyundai and Kia, has been fighting to be one of the heavyweights in the motor industry for more than 50 years. Throughout these years its image has changed radically, improving with each new generation and presenting cars that now lead charts. The future of the company lies in electrification and to be well prepared, they are going to spend a lot of money in one of the most cutting-edge factories in the world.

You just have to look back a little to realize the radical change that Hyundai has made as a car manufacturer. A few years ago its products were considered second-rate, incapable of standing up to European models. However, Koreans have learned quickly. They have put in all their efforts and today we see how their cars are among the best sellers in many markets around the world. In Europe, they sweep their SUVs, particularly with the Hyundai Tucson and the Kia Sportage. Its electrics also attract attention.

200,000 electric cars per year and the start of production in 2026

While the Japanese are being accused of not taking the electric transition with enough interest, no one can say the same about the Koreans. The Hyundai Group knows that its future is electric. It has important plans to lead the electrified segment, but to do so it needs to invest a lot of money. The company’s executives have opened their wallets to spend a whopping 2 trillion won, which in exchange amounts to about 1.4 billion euros, on the construction of a new factory, something they had already announced more than a year ago.

Hyundai electric car factory

Located in Ulsan, the same city where Hyundai President Ju-yung Chung established the company’s first major manufacturing base more than 50 years ago, a plant with the capacity to produce 200,000 electric vehicles per year will be built. Hyundai is sure that it will take advantage of its heritage and all the knowledge learned in facilities that will lay the foundation for the company’s growth in this new era. With a total of 548,000 square meters projected, the construction phase begins almost immediately. According to estimates, the start of production will be from the first quarter of 2026.

It is clear that if we compare it with other large factories, mainly with the Tesla plant in Shanghai, we are not facing the largest electric car production center in the world. However, it must be taken into account that Hyundai has many centers spread around the world and that this will be the first of a new generation of factories. The first plant that Hyundai opened in its native country in 29 years. The ceremony has been full of emotion and with the promise of constant evolution in the next 50 years.

Lynda Reeder

I'm Lynda, I currently own Tesla. I write about electric cars. My aim is to provide information on how technology can improve the ownership experience of electric vehicles.

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