Hyundai is ready to set up its Electric Vehicle factory in South Korea. On 12th July, the company announced that this would be the first factory of Hyundai to open in Korea in three decades. This factory will be solely dedicated to electric vehicles. The company wants to begin production in this factory by 2025. Hyundai last opened a factory in South Korea in 1996. Since then, this will be the first factory in the origin country. The South Korean automobile company is set to expand its sales by entering into dedicated electric production. Hyundai has always been one of the largest automobile companies. They have been in service for more than 54 years. They began production of hybrid electric cars in 2008.
Each automotive company focuses on a dedicated electric vehicle production setup with the growing demand for electric vehicles. This will help the company increase production and have separate production houses for electric and gasoline cars.
The South Korean automobile makers are planning to expand their production. They are moving to a fully electric factory to ease EV production. Hyundai has invested $48 billion to set up this new plant. They want to increase the lineup of electric vehicles. Currently, Hyundai has Ioniq 5, Kona, and various other hybrid electric vehicles in their lineup.
By 2025 they want to increase this number and sell more than 3 million fully electric vehicles yearly. Before setting up the factory in South Korea, Hyundai plans to open a fully electric vehicle production factory in Georgia, US. This will be Hyundai’s first dedicated electric vehicle factory. The Hyundai Motor Group, including Kia Motors, said they would invest $5.5 billion in building this electric vehicle factory. Georgia setup will also include battery manufacturing. Hyundai Motor Group will start production in Georgia in early 2023.
The South Korean automobile manufacturing company is set to enter the electric vehicle market and be a leader. Their plans for the future of EVs are clear, and they are already making progress.
