ULSAN, South Korea — Hyundai Motor broke ground on a 2 trillion won ($1.5 billion) dedicated electric vehicle plant at its factory complex here on Monday, part of the automaker’s plans to increase group EV sales to 3.64 million units in 2030.
“Just as the dream of building the best car in the past made Ulsan an automotive city today, I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant,” Hyundai Motor Chairman Euisun Chung said of the southeastern city at a groundbreaking ceremony on Monday.