Hyundai to suspend operations at its main factory to bolster electric vehicle production
South Korea’s largest automaker, Hyundai Motor, is bolstering EV production despite rumors that the market is slowing. The automaker revealed plans to suspend operations at its main factory in South Korea as it shifts its focus toward EVs.
On Monday, Hyundai said it will temporarily suspend activities at its Asan plant in South Korea.
According to Hyundai’s regulatory filing, the suspension will take place between Dec 31, 2023 – Feb 13, 2024. The company will resume operations the following day.
Despite headlines claiming EV demand is slowing, Hyundai is charging ahead. Senior leaders told Reuters ahead of the LA Auto Show earlier this month that they are still seeing strong demand for their electric vehicles.
“I am still very bullish on the battery electrics,” explained Jose Munoz, Hyundai’s global president, highlighting that EV sales doubled year-over-year.
Hyundai raced past Ford and GM in the third quarter, placing second in the US EV market. Registration data from Automotive News shows Hyundai and sister company Kia claimed 7.5% of the market.
Hyundai halts main ICE plant to meet EV demand
Although Tesla still dominates the market (57.4%), Hyundai’s IONIQ 5 and Kia’s EV6 set new October sales records last month.
Hyundai’s growth comes despite not qualifying for the IRA’s EV tax credit (only through leasing). The company has plans to change this.
“Based on what I see, I need more. If I had more capacity today, I could sell more cars.” Hyundai’s global leader said. After beginning construction on its first EV and battery plant in the US last October, Hyundai said 99.9% of the foundation work is complete.
Munoz said the company is “pushing as much as we possibly can to get it ready by October next year.”
Once mass production begins, Hyundai plans to build 300,000 EVs at the $5.5 billion mega EV plant.
Meanwhile, Hyundai broke ground on a new EV plant in Ulsan, South Korea, two weeks ago. The company is suspending operations at its main factory in the region to focus on construction.
Once up and running, the new plant in Ulsan will be able to produce 200,000 EVs a year. It’s expected to be completed in 2025.
The site is on Hyundai’s main Ulsan complex, which can build 1.4 million cars a year. Hyundai currently makes the gas-powered Sonata and Grandeur at the plant. It also added the IONIQ 6 last year.
Electrek’s Take
Although other legacy automakers are delaying key EV targets, Hyundai is charging ahead. The automaker plans to become a top three global EV producer by 2030, and adding capacity now is the first step.
Hyundai is doubling down with big moves in the EV market. The company was the first to partner with Amazon to sell vehicles on its platform.
It also just opened its new HMGICS last week. The “smart urban mobility hub” offers new ways to buy custom Hyundai EVs.
Hyundai is looking toward the future by investing now. The company is attracting new buyers with unique EVs built from the ground up.
Source: Reuters
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Tesla is going to build a new Megafactory in Texas near Houston, according to a tax abatement agreement with Waller County.
At the time of writing, Tesla had yet to comment on the new project, but the Waller County Commissioners Court confirmed the project on Wednesday when they approved a tax abatement deal with the company:
Under the proposed agreement, Tesla will receive tax abatements from Waller County based on property improvements. The deal includes $44 million in facility improvements and $150 million in Tesla manufacturing equipment that Tesla will install. The next phase involves a new $31 million distribution facility with about $2 million in Tesla distribution equipment and building upgrades.
Tesla is going to take over a 1-million-sq-ft building that it already held the lease on at the Empire West industrial park near Katy, Texas – just outside of Houston.
Logistics company DB Schenker occupied the space where it handled parts for Tesla, but it will move out and Tesla plans to build Megapack production lines at the site:
Tesla will operate a new Megapack battery storage manufacturing facility at a 1 million-square-foot building, which was initially constructed with no tenant on speculation that it would attract jobs and economic development.
Tesla has previously referred to plants producing Megapacks as “Megafactory”. The company already operates one in Lathrop, California, and one in Shanghai, China, where it just started production.
Those factories are set up for a production capacity of 40 GWh worth of Megapacks per year.
It’s not clear if Tesla plans for a similar capacity at this new factory, but the county announced project should result in creating 1,500 jobs.
In addition to the existing building, the project will include the construction of an additional “600,000-square-foot distribution facility with some manufacturing capabilities.”
Unlike its automotive business, Tesla’s energy business has been growing at an impressive pace – although prices and margins have come down last year.
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![Is Genesis taking notes from Porsche? New GV60 Magma caught with the Taycan [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Genesis-GV60-Magma-Porsche-2.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Genesis is gearing up to unleash its alter ego with its upcoming Magma lineup, its debut into the world of high-performance luxury vehicles. First up is the Genesis GV60 Magma, due out later this year. As testing wraps up, the GV60 Magma was spotted alongside none other than the Porsche Taycan.
The first dedicated Genesis EV model, the GV60, will kick off another new chapter for the Korean luxury automaker.
Genesis unveiled the GV60 Magma last March, claiming it will kick off “the brand’s expansion into the realm of high-performance vehicles.” The performance EV includes an improved battery, chassis, and motor for added performance.
The Magma model boasts a wider, lower stance for more control. Other key upgrades include a wider front air intake to help cool the batteries, motor, and brakes. It also includes air curtains to maximize efficiency and an added roof fin channels air to the rear wing, generating downward force.
Genesis upgraded the interior to match the GV60 Magma’s luxurious, sporty design. It includes unique sports car-like bucket seats with exclusive “double-diamond stitching” in the Magma orange and titanium coloring.
Genesis GV60 Magma spotted with the Porsche Taycan
With its official debut coming up, the sporty Genesis GV60 Magma was spotted testing alongside a Porsche Taycan and Hyundai’s IONIQ 5 and IONIQ 6 N models.
Despite the camouflage, the video from CarSpyMedia reveals a few new design elements, like the two-line headlight featured on the updated GV60 model.
Genesis will launch the GV60 Magma later this year in its home market, followed by the US, Europe, and others. Production is scheduled to start in the third quarter of 2025.
Will the Genesis GV60 Magma keep up with the Porsche Taycan or Tesla Model S Plaid? Priced and specs will be revealed closer to launch, but it will sit above the Performance AWD trim, which starts at $69,900 in the US. With up to 429 horsepower and 516 lb-ft of torque, it can hit 0 to 60 mph in 3.7 seconds.
| Horsepower | 0 to 60 mph (seconds) |
Starting Price | |
| Genesis GV60 Performance | 429 | 3.7 | $69,900 |
| Genesis GV60 Magma | ? | ? | ? |
| Porsche Taycan | 402 | 4.5 | $99,400 |
| Porsche Taycan Turbo GT (with Weissach Package) |
1,092 | 2.1 | $230,000 |
| Tesla Model S Plaid | 1,020 | 1.99 | $89,990 |
In comparison, the Porsche Taycan starts at $99,400 with up to 402 hp and a 0 to 60 mph time in 4.5 seconds. The Taycan Turbo GT, equipped with its Weissach package, packs 1,092 hp for a 0 to 60 mph sprint in just 2.1 seconds, but it costs $230,000.
Tesla’s Model S Plaid starts at $79,990 and can accelerate from 0 to 60 mph in 3.1 seconds with 1,020 horsepower. Which performance EV are you choosing?
Source: CarSpyMedia
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