Hyundai To Invest $1.51 Billion In Ulsan, South Korea To Build A Dedicated EV Factory

According to South Korea's finance ministry on Tuesday, Hyundai Motor Co plans to invest approximately 2 trillion won ($1.51 billion) in Ulsan, South Korea, to build a designated electric vehicle (EV) factory.

According to the finance ministry, construction on the new plant will begin in the fourth quarter.

The investment is part of the previously announced plan by Hyundai Motor Group to invest 24 trillion won in South Korea's EV industry by 2030, which includes Hyundai Motor, Kia Corp, and Hyundai Mobis Co Ltd.

Hyundai Motor Company, also known as Hyundai Motors, is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea, and founded in 1967. Currently, the company owns 33.88 percent of Kia Corporation and fully owns two marques, including Genesis Motor, a luxury car subsidiary, and Ioniq, an electric vehicle sub-brand. The Hyundai Motor Group is made up of these three brands.