(CTN News) – Hyundai Motor Co will temporarily suspend production at its main facility in Asan, South Korea, from December 31, 2023, to February 14, 2024, to allocate resources and manpower towards the construction of a state-of-the-art electric vehicle manufacturing plant.
The new plant will incorporate advanced technologies and infrastructure to support the production of cutting-edge electric vehicles, reflecting Hyundai’s commitment to sustainable mobility and its ambition to become a leader in the electric vehicle market.
This strategic move will enable Hyundai to enhance its production efficiency, reduce costs, and ultimately deliver high-quality electric vehicles to meet the evolving needs of consumers.
Hyundai Motor has announced its intention to recommence activities at the Asan factory by February 2024. In a recent event, Hyundai also celebrated the inauguration of its state-of-the-art BEV plant in Ulsan, demonstrating its commitment to producing zero-emission vehicles.
With an estimated investment of KRW2trn (US$1.5bn), this new facility will have the capability to manufacture 200,000 BEVs annually, and full-scale production is set to commence in the initial quarter of 2026.
The firm Hyundai opened a new plant in South Korea after 29 years,
As part of its strategic expansion plan.
The plant will serve as a manufacturing hub for domestic and international markets, utilizing the country’s skilled workforce, advanced infrastructure, and favorable business environment.
The firm aims to strengthen its presence in South Korea, prioritize sustainability, and establish partnerships with local suppliers and vendors to support its operations and contribute to the growth of the local supply chain ecosystem.