Hyundai Motor Company today held a groundbreaking ceremony for a new electric vehicle (EV) plant at its complex in Ulsan, the heart of Korea’s automotive industry. The new EV-dedicated plant will be a human-centered facility and the hub for Hyundai Motor’s mobility production in the era of electrification. With the new plant, Hyundai Motor’s Ulsan Plant complex will become a base of future mobility production.
The groundbreaking ceremony was attended by Euisun Chung, Executive Chair of Hyundai Motor Group; Jaehoon Chang, President and CEO of Hyundai Motor Company; and Dong-seock Lee, Executive Vice President, Chief Safety Officer and Head of Domestic Productions for Hyundai Motor Company. They were joined by dignitaries, including Ulsan Metropolitan City Mayor, Doo-gyeom Kim, and First Vice Minister of the Ministry of Trade, Industry and Energy, Youngjin Jang.
“The new EV-dedicated Plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I am honored to share our dream of a 100-year company here,” said Executive Chair Chung. “Just as the dream of building the best car in the past made Ulsan an automotive city today, I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant.”
In his congratulatory remarks, First Vice Minister of Trade, Industry and Energy Young-jin Jang said, “I believe that Hyundai Motor will stand out as a powerhouse in the electric vehicle era with decisive investments. The government will prioritize supporting the improvement of the business investment environment, including bold tax incentives and eliminate regulations that inhibit economic growth.”
The new EV plant in Ulsan builds on the vision of Hyundai Motor’s Founding Chairman Ju-yung Chung (1915-2001), who believed the car industry would become the cornerstone of the Korean economy and underpin the country’s industrial development. More than half a century ago, he chose Ulsan as the location to help to create a better outlook and realize Korea’s mobility dreams. The company hopes the new EV plant will build on that legacy with a global impact.