Hyundai to establish EV factory in Korea by 2025: Report
Hyundai is planning to build an electric vehicle factory in South Korea by 2025. Based on a report by Reuters, this EV factory will be Hyundai's first all-new manufacturing site in its home country since its established a factory in 1996. Hyundai has not revealed many details about the upcoming EV factory,
Hyundai's factories in Ulsan, South Korea and West Java, Indonesia currently manufacture the Hyundai Ioniq 5. The automaker is getting ready to introduce its much-awaited Hyundai Ioniq 6 electric sedan. Hyundai is also gearing up to bring in the Ioniq 7 electric SUV.
Hyundai in May announced a significant investment of $5.54 billion in Georgia where it aims to build an electric vehicle as well as battery-producing units over 2,923 acres. The construction of this production site will begin early next year and will start manufacturing electric vehicles in the first half of 2025. It is being reported that the factory will be able to produce 3,00,000 vehicles annually. It will mainly manufacture the Ioniq 7 and the Kia EV9. This factory will focus on EVs for the US market.
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With an aim to lead the electric mobility market in the United States, Hyundai had earlier shared that the establishment of these manufacturing units will lead to around 8,100 job creations. Hyundai Motor Group executive chair Euison Chung said during the announcement of this production site that the US market holds an important position in the company's electrification plans. “The U.S. has always held an important place in the Group’s global strategy, and we are excited to partner with the State of Georgia to achieve our shared goal of electrified mobility and sustainability in the US," said Chung reportedly.