The South Korean automaker Hyundai is preparing to increase its investment in electric vehicle production in 2023 with the resumption of hiring, the construction of a new plant in South Korea, and the renovation of an old factory built in 1968, the Korean Economic Daily reported.
“We decided on the local investment to become a leading company in the future automobile sector with EV capacity expansion and to ensure the job security of employees,” said a Hyundai official.
Hyundai Motor plans to start construction of the new EV factory in Ulsan (South Korea) in 2023 with the opening scheduled for 2025, 29 years after the inauguration of the latest Hyundai factory in the country. In addition, Hyundai Motor will also begin the reconstruction of the Ulsan factory built in 1968 and resume hiring in 2023 to develop talent for EV production.
After selling 120,523 fully electric vehicles in 2021, the company aims to raise its EV sales to 840,000 units by 2026 and 1.9 million by 2030.
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The automaker will soon unveil two new performance variants during the world premiere of its new fully electric sedan IONIQ 6. As recently teased by the automaker’s Executive VP, the IONIQ 5 and 6 will have a performance variant similar to what the Group recently did with the KIA EV6 GT giving the model a 600 horsepower capacity.
During the last few days, some photos of the recently unveiled Hyundai IONIQ 6 were leaked on social media platforms disappointing enthusiasts due to the old design look contrasting with the official images revealed by the brand.
On June 29, Hyundai unveiled the design of its new electric sedan with the premiere scheduled for July 14 at 02:30 (London Time ) called ‘N Day’ unveiling the full specifications and the used technologies.
Recently, Tesla‘s CEO Elon Musk commented in a tweet saying the South Korean automaker Hyundai is “doing pretty well” having 9% of the EV market share in the U.S. during the first quarter of 2022. The pie chart shows Tesla’s leadership in the first quarter with an EV market share of 75.8% followed by Hyundai with 9% and the German automaker Volkswagen with 4.6%.
Earlier this year, Hyundai Motor Group announced that will invest more than $10 billion in the United States by 2025 to accelerate innovation and mobility electrification, after the meeting with U.S. President Joe Biden in Seoul.
The new facility will break ground in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Group’s U.S. investment decision will support its goal of becoming a leader in electric mobility in the U.S. market, Hyundai said.