Hyundai Breaks Ground on EV Superfactory in South Korea

Hyundai Breaks Ground on EV Superfactory in South Korea
South Korean auto giant Hyundai Motor has started construction on a $1.5 billion mega factory in that country that will produce only electric vehicles.
The group, which owns the Hyundai and Kia brands, conducted a much-publicized groundbreaking ceremony this week in the city of Ulsan, where the automaker launched its first assembly plant in 1968.
The new production facility will be able to make 200,000 electric vehicles a year, the company announced in a statement. The project is scheduled to be completed in 2025, and mass production of electric vehicles will start in the first quarter of 2026.
Hyundai Motor’s flagship luxury brand Genesis will produce an electric sport utility vehicle as the first model off the line.
Meanwhile, Hyundai Motor Group is also investing $5.5 billion in Georgia to build electric vehicles and battery facilities.
What does this mean for me?
The carmaker’s massive investment in electric vehicles comes at a time when some of its rivals are rethinking their investment in this space.
General Motors said last month it would put off increasing production of electric trucks, while Ford recently said that it was cutting 700 workers building its F-150 Lightning electric pickup, blaming multiple constraints, including supply-chain issues.
Demand for some electric vehicles is slackening, with new electric vehicle models sitting unsold on dealer floors longer than gas-powered vehicles.
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Arincen would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Arincen and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Arincen and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Arincen may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.