[News Article] Hyundai Motor sets ambitious goals to beef up domestic output
Hyundai Motor sets ambitious
goals to beef up domestic output By Kan Hyeong-woo, The Korea Herald - Hyundai
Motor Co. on Thursday laid out its goals to ramp up domestic production and
exports to the highest figures since the COVID-19 pandemic began three years
ago, showing the auto giant’s willingness to overcome various economic and
The record-high targets were
announced as President Yoon Suk Yeol visited the automaker’s Ulsan plant.
Hyundai Motor Group Executive Chair Chung Euisun accompanied Yoon as the
president toured the automaker’s plant.
According to Hyundai Motor,
this year's domestic production and export goals are set at 1.85 million
vehicles and 1.08 million units, respectively, up 14.3 percent and 28.7 percent
Hyundai Motor also presented a
plan to turn the Ulsan site -- the company’s main manufacturing facility in
South Korea -- into a global hub for future cars, to go beyond the era of
automobiles using internal combustion engines.
The automaker said it will
expand the domestic production capacity of electric vehicles while renovating
its old production sites to enhance competitiveness for building future cars
and recruiting talented technicians to cope with automation and technological
innovation in the future.
Established in 1968, Hyundai
Motor’s Ulsan plant is the world’s single largest automobile plant, covering a
site of 5 million square meters with its own export shipments dock. The Ulsan
site produced 1.42 million vehicles across 17 models last year. Of them,
approximately 66 percent were exported.
According to the Trade
Ministry, South Korea logged a record-high auto exports figure of $54.1 billion
last year, surpassing $50 billion for the first time while posting a 16.4
percent increase on-year.
The Ulsan site operates five
independent plants that are capable of producing about 6,000 vehicle units a
day and 1.4 million cars per year. The Ulsan plant accounts for about 25
percent of the automaker’s total global production capacity.
With the Ulsan plant being the
linchpin of the automaker’s manufacturing capacity, Hyundai Motor Group became
the third-highest-selling automaker by units last year, trailing only Japan’s
Toyota Group and Germany’s Volkswagen Group. The Korean automaker sold 6.84
million vehicles worldwide in 2022.
Hyundai Motor started building
an additional plant dedicated to manufacturing electric vehicles at the Ulsan
site with an investment of 2 trillion won last year. The EV plant is scheduled
to be completed and begin operation in 2025.
The construction of the new EV
plant is a part of the auto giant’s plan to invest 21 trillion won in the
domestic EV sector and produce 1.44 million EVs, to account for about 45
percent of the company’s total EV production worldwide, on South Korean soil by