ULSAN, South Korea -- Hyundai broke ground on Monday on a 2 trillion won ($1.52 billion) plant dedicated to making electric vehicles in South Korea, as the automaker accelerates a shift away from gasoline-powered cars.
Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia, plans to begin mass production from the plant in the first quarter of 2026.
Construction is expected to end in 2025, the automaker said in a statement.
The factory in Ulsan, in the southeast, will have an annual capacity of 200,000 units and the company said its first model will be an electric SUV from its luxury brand Genesis.
Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EV models by 2030.