Hyundai Motor's Ulsan Plant Halts EV Production Amid Declining Global Orders

Published: May 23, 2025 19:20

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[Hyundai Motor's Ulsan Plant in South Korea Halts Production] According to South Korean media, Hyundai Motor's first plant in Ulsan, South Korea, will suspend production of electric vehicles (EVs) from May 27 to 30, mainly involving the IONIQ 5 and KONA EV car models. This is the third production halt this year, with the previous two occurring in February and April. The production halt is due to a decline in global EV orders, particularly weakened demand in major export markets such as Europe, Canada, and the US. Hyundai Motor stated that despite the production halt in South Korea, its export business and after-sales services to Europe and the US will continue. In 2024, Hyundai Motor reported revenue of 175.23 trillion won (approximately 909.268 billion yuan), up 7.7% YoY, and net profit of 13.23 trillion won (approximately 68.65 billion yuan), up 7.8% YoY. However, its global cumulative sales reached 4.1418 million units, down 1.8% YoY.

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