There was a time when Electric Vehicles existed in the imagination of human beings. Moreover they were attributed to the future imagined by people. But that future is here because Hyundai Motors is planning to build its first fully dedicated electric vehicle (EV) factory in South Korea, targeting production by 2025, the automaker’s union said on Tuesday, citing its leader. Hyundai Motor Group, in May, announced its plans to invest 63 trillion won ($48.07 billion) in South Korea through 2025. The company announced this after South Korea’s largest automaker said in May it planned to invest $5.5 billion to build full EV and battery manufacturing facilities in Georgia. Hyundai Motors said that The EV facility in Georgia is scheduled to break ground in early 2023 and begin commercial production in the first half of 2025. According to Business Standard, “Hyundai has seven domestic plants in Korea and 11 overseas plants — four in China, and one each in the U.S., the Czech Republic, Turkey, Russia, India, Brazil and Indonesia. Their combined capacity reaches 5.65 million vehicles.”
The agreement
A union spokesperson told Yonhap that news agency Hyundai and its union agreed to make a domestic EV plant in the carmaker’s main Ulsan plant, 414 kms southeast of Seoul. Early, from this month, they have plans to start the building but the agreement is subject to a vote by unionized workers.
Future plans
According to Automotive News, “Hyundai is currently expanding its EV lineup to include the Ioniq 6, which will debut in Europe in the second half, and the Ioniq 7, which is projected to hit the market in 2024.”
The company has plans to expand its EV facility around the globe. It will be very interesting to see how people accept this new technology where the fuel will be replaced by power and fuel pumps will be replaced by charging stations.
