Hyundai Motor unveils plan to develop Ulsan plant into future car hub during Yoon's visit

• Published date: 09 March 2023
• Publication title: The Korea Times

President Yoon Suk Yeol visited Hyundai Motor's Ulsan plant and was briefed on the current status of the company, according to the automobile maker, Thursday.

The president attended the ceremony for the groundbreaking petrochemical complex in Ulsan and then visited Hyundai Motor's Ulsan plant to tour the automobile export shipping pier and the Genesis production line.

President Yoon emphasized that since Ulsan was designated as a specific industrial zone in 1962, it has led the nation's key industries centered on automobiles, shipbuilding and petrochemicals for over 60 years and plays a pivotal role in the national economy accounting for 13 percent of Korea's exports.

Last year, despite unfavorable circumstances, production in Korea increased by 6.9 percent to 1,732,317 vehicles. Exports increased by 9.9 percent to 1,009,025 vehicles.

This year, the company plans to produce a total of 1.85 million vehicles domestically and export 1.08 million cars overseas, overcoming the increasingly uncertain internal and external business environment.

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