South Korea to Fast-Track Approvals for Hyundai’s KRW 4 Trillion Ulsan EV Factory Conversion

Published: Oct 01, 2026 13:26 (GMT+8)

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On October 1, the South Korean government announced measures to accelerate approvals for Hyundai Motor’s approximately KRW 4 trillion project to convert existing Ulsan facilities into EV-focused factories.

The project covers Ulsan Plant 1 and Line 2 of Plant 4. Environmental, traffic and disaster impact assessments will proceed alongside permitting, supported by a dedicated project manager. The government aims to shorten administrative procedures from more than three years to within one year. The measure supports an existing corporate investment rather than providing a new government subsidy.

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