Jung Eui-sun: "Electric vehicle demand will increase anyway... I will leverage operational expertise"

Hyundai Motor Group Chairman Chung Euisun said on the 13th, "Since the demand for electric vehicles will continue to increase in the big picture anyway, we are thinking of making investments in the electrification sector by skillfully managing operations."

Chairman Chung made this remark in response to a question about whether Hyundai would continue steady investments in the electrification sector at the groundbreaking ceremony for the dedicated electric vehicle factory held at Hyundai Motor's Ulsan plant that day. Recently, as the growth in electric vehicle demand has slowed down worldwide including in Korea, major automakers are adjusting the pace of their investments. Examples include reducing previously announced facility investment plans or withdrawing from battery joint ventures.

On the morning of the 13th, Chung Eui-sun, Chairman of Hyundai Motor Group, is speaking at the groundbreaking ceremony for the electric vehicle-only factory held at Hyundai Motor Ulsan Plant in Buk-gu, Ulsan.
[Photo by Yonhap News]

Chairman Chung clarified that although "(the electrification sector) is an area where we have already made investments and there may be cost reductions or various methods," they will continue to invest steadily. Hyundai Motor President Jang Jae-hoon, who also attended the event, said, "There are infrastructure issues such as charging inconvenience, but electric vehicles seem to be the trend," adding, "We believe demand will continue to be created, and we are preparing accordingly."

Hyundai Motor is building a dedicated electric vehicle factory on the site of the driving test track at the Ulsan plant. The factory will have an annual production capacity of 200,000 units, aiming for mass production in the first quarter of 2026. During the construction of the new factory, Chairman Chung repeatedly emphasized the importance of people. He said, "This is true in our country's history and for Hyundai Motor as well; we believe people are the most important," adding, "Humanity is considered the most important worldwide, so we are discussing within that framework."

At the event, Chairman Chung stated, "Mobility for people means not only customers but also creating a factory environment for workers," and said, "Robot technology, smart logistics systems, and artificial intelligence innovation technologies will be utilized to create a safe, accurate, and efficient workplace, thereby improving working conditions."

On the 13th, a groundbreaking ceremony for the electric vehicle dedicated factory was held at Hyundai Motor's Ulsan plant. A video comparing the early days of Hyundai Motor's factory with the future factory to be built was screened.
[Photo by Yonhap News]

This content was produced with the assistance of AI translation services.