Hyundai Pauses Production To Retool For EV Future

Hyundai Motor Co. plans to halt production at its factory in Asan, South Korea to retool the plant for electric vehicle manufacturing, the automaker said in a regulatory filing Monday. 

Hyundai said the Asan factory will suspend operations from Dec. 31, 2023 to Feb. 13, 2024. Work is scheduled to resume Feb. 14.

Our Thoughts

The announcement comes as other major automakers like General Motors Co. and Ford Motor Co. have recently announced delays in their own electric vehicle investments.  

Meanwhile, electric vehicle makers BYD and Tesla Inc. continue to ramp up production. Startup Rivian says it is developing a new electric platform called the R2, while Tesla is working on its next generation vehicle platform.

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