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Hyundai disburses IDR 23.8 trillion funds for latest EV factory

Jakarta (Antara) – South Korean automotive manufacturer Hyundai has again poured US$1.52 billion (equivalent to IDR 23.8 trillion) into its newest factory in Ulsan, South Korea.

According to information uploaded to Hyundai’s official website, Monday (13/11), a large sum of money is being invested in their newest factory specifically for the production of various electric vehicles in 2026 and Hyundai’s factory in Ulsan will start operating in 2025. Will give.

Euisun Chung, executive chairman of Hyundai Motor Group, said the new dedicated electric vehicle factory in Ulsan is a promising future for the next 50 years and the beginning of the era of electrification.

Also read: Hyundai built electric car factory in Ulsan, capacity 200 thousand units

Euisun Chung said, “Just as the dream of building great cars in the past has made Ulsan the automotive city it is today, I believe Ulsan will become an innovative mobility city that will lead the era of electrification, beginning this year.” “It will be from a dedicated electric vehicle factory.” ,

The Hyundai factory plans to produce its first electric vehicle from its premium sub-brand, Genesis, through its SUV segment in 2026.

The factory plans to produce at least 200 thousand units a year. The facility will increase the capacity of Hyundai’s existing plant in Ulsan, which currently produces 1.4 million units per year, of which 1.1 million are for export.

With the opening of this latest factory building, Hyundai is a manufacturer that is not reluctant to welcome the era of electrification like other manufacturers, who are still doubtful about it as electric sales are declining.

Also read: Tesla and Hyundai Group are the top players in electric cars in the US market

Also read: Tesla is rumored to be building a car costing IDR 415 million in a German factory

Also read: Ford begins operations of Cologne EV Center in Germany

Editor: Natisha Andarningtyas
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