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Hyundai Motor will conduct a two-month moratorium at its Asan plant in South Korea to build a new EV production plant and strengthen its position in the EV market.
Despite the slight weakness in demand for electric vehicles, Hyundai is expanding its investment in e-mobility. In the U.S. electric vehicle market, Hyundai overtook Ford and General Motors in the third quarter to rank second.
The company plans to invest in the construction of its first electric vehicle and battery plant in the United States to meet growing demand, and is expected to start mass production in early 2026 with an annual production capacity of 300,000 units.
Hyundai Motor has demonstrated its rapid expansion in the field of electric vehicles.
(Source: techtimes Image source: freepik)
