On Monday November 13, 2023, South Korea’s Hyundai Motor Company, held a groundbreaking ceremony at Ulsan to invest $1.5 billion to build an electric vehicle factory, its first domestic automotive manufacturing plant in 29 years. The company aims to produce 200,000 electric vehicles annually at the new facility, starting in 2026. Ground will be broken in the fourth quarter on a 234,710-square-meter site, with production set to start in the second half of 2025. Genesis, an electric sport utility vehicle from Hyundai’s luxury brand, will be the first model to be produced at the new plant. 

      Young-jin Jang, South Korea’s First Vice Minister of Trade, Industry and Energy，made a statement saying “I believe that Hyundai Motor will stand out as a powerhouse in the electric vehicle era with decisive investments. The government will prioritize supporting the improvement of the business investment environment, including bold tax incentives and eliminate regulations that inhibit economic growth. ”According to Euisun Chung, Executive Chair of Hyundai Motor Group, “the new plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification.” 

       According to Brand Value (China)Network, Americans are less interested in owning an EV than Chinese. In a survey it fielded between February and July of 3,104 buyers in America, 46% of those earning less than $30,000 annually cited EVs’upfront costs as a major hurdle and a third said they had no place to charge where they lived.  Another most common reason drivers avoid EVs includes: fear the battery will run out of charge before reaching their destination, also known as “range anxiety”. Therefore, plenty of electric vehicles are still sitting unsold on dealer lots in America longer than gas-powered vehicles. 

  Founded in 1967, Hyundai Motors, commonly known as Hyundai, is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea. “Hyundai”translates to “modernity”in English and “New Thinking, New Possibilities” is the current Hyundai Motor Company slogan. Hyundai has about 75,000 employees worldwide and its vehicles are sold in 193 countries through 5,000 dealerships and showrooms. As of 2022, Hyundai is the world's third-largest carmaker in terms of production, behind Japanese Toyota and German Volkswagen.

       On the ranking of “The 3th Daguan· Keweiwei World Brand Value Top 900” released on March 18, 2023, Hyundai Motor’s brand value was 207.295 billion RMB, ranking the 111st.  Toyota’s brand value was 704.789 billion RMB, ranking the 18th. Volkswagen Group ’s brand value was 815.381 billion RMB, ranking the 11th.

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作者：杨瑞安