Ulsan City to Join Forces with Hyundai Motor Labor and Management

Hyundai Motor to Invest in New Hydrogen Fuel Cell Plant in Ulsan
MOU Signing on the 9th... Planned Site in Mipo National Industrial Complex

Ulsan City is joining forces with Hyundai Motor Company to support the investment in establishing a new hydrogen fuel cell plant in Ulsan.

On April 9 at 3 PM, at the Mayor's Office on the 7th floor of City Hall, Mayor Kim Dukyum, Hyundai Motor CEO Lee Dongseok, and Moon Yongmun, head of the Hyundai Motor branch of the Korean Metal Workers' Union, will sign a 'Memorandum of Understanding for Investment in a New Hydrogen Fuel Cell Plant.'

This memorandum of understanding has been prepared to support Hyundai Motor's ongoing plan to establish a new hydrogen fuel cell plant in Ulsan.

According to the investment memorandum, Ulsan City will provide active administrative support to ensure the swift establishment of the hydrogen fuel cell plant, including dispatching staff, shortening various licensing and approval periods for plant construction, and easing regulations to expand corporate investment.

Hyundai Motor will actively cooperate in establishing the hydrogen fuel cell plant in Ulsan and will continue to seek investments so that Ulsan can become a hub for eco-friendly vehicle (such as hydrogen cars) production.

In particular, Ulsan City and Hyundai Motor have pledged to cooperate with each other to enhance the competitiveness of auto parts companies and create local jobs as a result of the new hydrogen fuel cell plant.

Lee Dongseok, CEO of Hyundai Motor, said, "With this investment as a starting point, we will work together with Ulsan City to ensure the Ulsan plant becomes a core production base for Hyundai Motor Group's fuel cell systems."

Mayor Kim Dukyum said, "We warmly welcome this investment in a hydrogen fuel cell plant, following the investment in a dedicated electric vehicle plant," and added, "We will do our best, joining forces with Hyundai Motor's labor and management, to help Ulsan leap forward as a leading global city for future mobility."

The hydrogen fuel cell plant will be promoted as a 'One Factory' model that integrates chemical processes (stack manufacturing) and assembly processes (system manufacturing), with construction scheduled to begin in the first half of this year.