Hyundai Motor Co. is taking a major step to solidify its position in the electric vehicle (EV) market by temporarily halting operations at its Asan, South Korea facility. According to a report from Reuters, the company plans to close the facility from December 31, 2023, to February 13, 2024, to make way for the construction of a state-of-the-art electric vehicle production plant.
Despite recent signs of slowing demand for EVs, Hyundai remains committed to electric transportation. At the LA Auto Show last month, senior executives stated that EV sales are tripling year-over-year. The company’s efforts have paid off, with Hyundai overtaking both Ford and GM to secure the second spot in the US EV market in the third quarter, capturing 7.5% of the market.
While Tesla continues to dominate with a 57.4% market share, Hyundai’s IONIQ 5 and Kia’s EV6 achieved record sales in October, further cementing the company’s influence in the EV landscape. Despite not being eligible for the IRS’s EV tax credit, Hyundai has ambitious plans to increase its market share.
The company is on track to complete its first EV and battery plant in the US, with 99.9% of the foundation work already completed. The $5.5 billion mega-EV plant is expected to start mass production in early 2026, with an annual production target of 300,000 EVs, according to Electrek.
Jose Munoz, Hyundai’s global president, expressed confidence in the company’s trajectory and emphasized the need for increased capacity to meet the growing demand for electric vehicles.
In addition to its focus on EVs, Hyundai Motor Group Executive Chair Chung Euisun has received recognition for her dedication to advancing the automotive and tech industries, particularly in the EV and hydrogen power sectors. Chung recently received the Automotive News Industry Leader of the Year award in recognition of her pivotal role in contributing to the development of electric vehicles and hydrogen power.
Hyundai’s significant investment in EVs distinguishes it from other automotive manufacturers, such as Ford and General Motors, who have faced challenges in the production and supply of electric vehicles.
These developments reflect Hyundai’s proactive approach to expansion in the electric vehicle market, demonstrating the company’s commitment to innovation and sustainability.
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