ULSAN, South Korea, Nov 13 (Reuters) - Hyundai Motor Co (005380.KS) on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification.
Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030.
Hyundai Motor Group's Executive Chair Euisun Chung, Hyundai Motor's Chief Executive Officer and other officials, including the Ulsan Metropolitan City Mayor, attended the event to witness the ground breaking of the EV factory, the automaker's first new plant in South Korea in 29 years.
The groundbreaking comes after Hyundai Motor said it would stick to its EV rollout plans - a contrast to some rivals that have pulled back on EV production due to cooling demand.
Last year, Hyundai Motor Group broke ground on a $5.54 billion EV and battery plants in the U.S. state of Georgia.
Persons:
Euisun Chung, Jaehoon Chang, Chang, 1,316.5100, Heekyong Yang, Ed Davies
Organizations:
Hyundai, Hyundai Motor, Kia Corp, Hyundai Motor Group, Kia, Genesis, Hyundai Motor's, Ulsan Metropolitan City Mayor, EV, General Motors Co, Chevrolet Silverado, GMC, Ford Motor, Tesla Inc, GM, Honda, Thomson
Locations:
ULSAN, South Korea, Ulsan, U.S ., Georgia, United States, Michigan, Mexico