Hyundai displays its ambitions in the electric sector

The third largest automobile group in the world behind Toyota and Volkswagen, Hyundai has in recent years set itself the objective of becoming the world leader in electric cars. Toyota is lagging behind on this table, and sales figures for the ID range. at Volkswagen are below expectations. On the contrary, Hyundai Motor Group has multiplied the models and successes in this category: IONIQ 5, IONIQ 6 and IONIQ 7 at Hyundai; EV6, EV9 et EV5 at Kia (the EV3 and EV4 were recently announced) and finally GV60 and GV70 EV at Genesis. With 510,000 electric cars sold worldwide in 2022the group was already in sixth place, behind BYD, Tesla, SAIC, Volkswagen and Geely.

A new factory to support the electric transition

To live up to its ambitions, Hyundai wishes to increase the pace of its historic Ulsan factory in South Korea. First factory in the world in terms of volume, all manufacturers combined (1.4 million units assembled on site in 2022, including 1.1 million exported), it already exclusively assembles most of the electric models from Hyundai, Kia and Genesis. But to be “Number one”, Hyundai wants to increase its electric sales figure to 2 million per year in 2030! But how to get there? Hyundai has everything planned. First, the group will launch via its three brands not far from 31 new 100% electric models by 2030. For this, this product offensive must be accompanied by a large-scale industrial plan, understand: the construction of a new factorydedicated exclusively to the production of 100% electric models!

Objective: 200,000 units per year

A first, the group’s electric models have until now been assembled in “classic” factories, alongside thermal models. Planned to emerge from the ground in Ulsan, on the site of the current factory, this new 548,000 m2 building required an investment equivalent to 1.43 million euros! Nothing is too good to accelerate in electric… This is the first Hyundai factory built in its native country in 29 years. To formalize this major project, the group’s executive chairman, Euisun Chung, symbolically laid the first stone on Sunday, November 12. Production of the very first model is planned for the first quarter of 2026, with the aim of 200,000 units per year from this date…

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