Hyundai Motor Co. will start construction of a new electric vehicle plant in South Korea capable of producing 200,000 cars a year.
The carmaker held a groundbreaking ceremony Monday in Ulsan, where the company built its first auto plant in 1968. Work will begin later this year and mass production will start in the first quarter of 2026, with the luxury Genesis large-size sport utility vehicle the first model to roll off the assembly line.
Hyundai will invest 2 trillion won ($1.5 billion) building the plant, which will cover 548,000 square meters of land at a former motor racing circuit. The site is located inside Hyundai’s Ulsan factory complex, which already has annual production capacity of 1.4 million cars.
