Investment and employment plans
Hyundai Motor Group announced on 27 March 2024 that it plans to invest 68 trillion won over three years in South Korea and separately hire 80,000 employees. The programme covers electric-vehicle production and new mobility businesses. Investment and hiring are prospective commitments; the announcement sets out the group’s intended expansion rather than completed expenditure or recruitment.
- 35.5 trillion won: new research infrastructure and EV assembly lines.
- 31.1 trillion won: electric-vehicle research and development.
Earlier plans
The domestic programme builds on earlier dated plans. On 11 April 2023, the group outlined investment of 24 trillion won in the Korean electric-vehicle industry through 2030 by Hyundai Motor, Kia and Hyundai Mobis. The announcement accompanied the groundbreaking for Kia’s dedicated purpose-built vehicle plant. The group then targeted annual electric-vehicle production of 1.51 million units in Korea and 3.64 million globally by 2030, with a thirty-one-model electric lineup. It also planned next-generation platforms, research facilities and charging infrastructure. These figures describe the 2023 programme and its future production ambitions, rather than an additional completed investment total.
Battery production partnership
A separate announcement on 26 May 2023 described the group’s battery-cell joint venture with LG Energy Solution in Georgia, United States. The partners planned equal 50% stakes and investment exceeding $4.3 billion. The Bryan County facility, beside the group’s vehicle complex under construction, was designed for annual capacity of 30 gigawatt-hours, supporting approximately 300,000 electric vehicles. Construction was scheduled for the second half of 2023, with cell production beginning at the end of 2025 at the earliest. Hyundai Mobis would assemble the cells into packs for the group’s local vehicle manufacturing operations.
The Ulsan electric-vehicle project
Hyundai Motor held another groundbreaking on 13 November 2023, for a dedicated electric-vehicle plant at its Ulsan complex. The company described a 548,000-square-metre site and intended annual capacity of 200,000 electric vehicles, with approximately two trillion won of investment. Full-scale construction was scheduled to begin in the fourth quarter of 2023, finish in 2025 and lead to mass production in the first quarter of 2026. An electric SUV from the Genesis luxury brand was planned as the first model. The facility would occupy a former proving-ground site and use automated parts logistics and flexible production systems.
Company locations
Hyundai Motor’s current Korean corporate directory lists its headquarters in Seoul, manufacturing sites in Jeonju, Ulsan and Asan, and the Hyundai–Kia research and development centre in Hwaseong. Each entry carries separate location and telephone details. The headquarters contact below belongs to Hyundai Motor Company, the group’s flagship automaker, and is identified separately from the group-wide investment programme.
Company contacts
Hyundai Motor Company.
Headquarters: 12, Heolleung-ro, Seocho-gu, Seoul, Korea.
Phone: +82-2-3464-1114.
Website: https://www.hyundai.com/worldwide/en/company/hyundai-world-wide
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