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Hyundai invests $1.5B in new EV manufacturing plant in S. Korea

(Credit: Hyundai)

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Hyundai Motor held a groundbreaking ceremony for its all-new electric vehicle (EV) manufacturing plant in Ulsan, South Korea. 

Ulsan is a special place for Hyundai as it is the same metropolitan city Founding Chairman Ju-yung Chung established the company’s first major manufacturing base over 50 years ago. Now, the new EV manufacturing plant in Ulsan will mark the South Korean car manufacturer’s new beginning in the global car market. 

“The new EV-dedicated plant in Ulsan is the beginning of a promising future for the next 50 years and the era of electrification. I am honored to share our dream of a 100-year company here,” said Executive Chair Chung. “Just as the dream of building the best car in the past made Ulsan an automotive city today, I trust Ulsan will be an innovative mobility city that leads the way in the era of electrification, starting with a dedicated EV plant.”

Hyundai’s new EV car plant will be built on a 548,000 sq.m site. The major Asian car manufacturer plans to invest KRW 2 trillion ($1.53 billion) on the project. The company aims to produce 200,000 electric vehicles annually in the new EV plant. It will begin construction this quarter and plans to start mass production by Q1 2026. 

Hyundai is also building a $7.6 billion EV factory in Georgia due to the United States’ Inflation Reduction Act (IRA). The IRA encourages automakers to manufacture electric vehicles and EV battery packs in the United States or within countries that have a trade agreement with the U.S. Hyundai aims to assemble 300,000 electric vehicles annually at its Georgia plant.

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The Hyundai Motor Group encompasses the Hyundai, Kia, and Genesis brands. In October, the company shared its plans to launch 31 EVs by 2030. Its EV launches include the Ioniq 7 SUV in 2024. 

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Elon Musk

Tesla Takedown group prepares anti-Elon Musk effort on November 15

Organizers also emphasized that “Tesla Takedown is a peaceful protest movement. We oppose violence, vandalism and destruction of property.”

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Rhododendrites, CC BY-SA 4.0 , via Wikimedia Commons

A coalition of activists has announced a coordinated “Tesla Takedown” Day of Action on November 15, urging participants worldwide to protest Tesla CEO Elon Musk’s newly approved 2025 performance award. 

Organizers described the movement as a peaceful protest against what they view as excessive corporate power and wealth concentration in the hands of one individual.

Activists try again

Tesla Takedown organizers said their November 15 protests will coincide with the nine-month anniversary of their first weekend of action. In a public statement, the group called on supporters to “host or join an action in your community” under the banner #NoTrillionaires, framing the event as a stand against billionaire influence in politics and technology.

“Fascism is on the march in America and around the world. Institutions and elites are caving. We’re fighting back. No one is doing more to fuel the rise of fascism than Elon Musk. Now, Tesla shareholders want to supercharge his assault on democracy by making him a trillionaire. Yes, with a T. That will make him even more dangerous. The good news is, we CAN stop him. His insane trillion-dollar incentive package depends on hitting huge benchmarks. That’s where all of us come in,” the group wrote.

Organizers also emphasized that “Tesla Takedown is a peaceful protest movement. We oppose violence, vandalism and destruction of property. This protest is a lawful exercise of our First Amendment right to peaceful assembly.”

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The group’s emphasis on opposing violence and vandalism is a welcome statement considering that previous Tesla Takedown protests have resulted in arrests and chaos in the past. Earlier this year, anti-Tesla individuals vandalized, firebombed, and shot at several Tesla locations in protest of Elon Musk.

Musk’s pay package

The planned demonstrations follow Tesla shareholders’ recent approval of CEO Elon Musk’s 2025 performance award, a landmark pay plan that could make him the world’s first trillionaire if key performance and valuation goals are achieved. Over 75% of shareholders voted in favor of the award during Tesla’s 2025 Annual Shareholder Meeting, where Musk appeared on stage to thank investors alongside the company’s humanoid robot, Optimus.

The pay plan links Musk’s compensation to ambitious operational and stock price milestones that could see Tesla become the world’s most valuable company by a wide margin with a market cap of $8.5 trillion. Musk is also required to hit several product targets for the electric vehicle maker. These include the delivery of 20 million Tesla vehicles cumulatively, 10 million active FSD subscriptions, 1 million Tesla bots delivered, and 1 million Robotaxis in operation.

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Tesla Model Y and Model 3 top world’s best-selling EV rankings in September

The two vehicles’ feat was highlighted recently by CEO Elon Musk in a post on X.

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The Tesla Model Y and Model 3 are still the best-selling electric vehicles in the world in September, a remarkable achievement given that both EVs are premium models that typically command higher prices than their competitors.

The two vehicles’ feat was highlighted recently by CEO Elon Musk in a post on X.

Still best-selling

As observed by tech watcher @XFreeze, the Model Y and Model 3 were the world’s #1 and #2 best-selling electric vehicles in the world in September 2025. Interestingly enough, the list includes both battery electric vehicles and plug-in hybrid electric cars. 

During the month, Tesla was able to sell 140,904 Model Y crossovers and 67,374 Model 3 sedans across the globe. This is quite impressive considering that the Model Y and Model 3 have been around for several years now, and they are still premium-priced.

 

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Staying power

The Model Y and Model 3’s stellar staying power may be due to a variety of factors, including the vehicles’ bang-for-the-buck nature. The Model 3, for example, is quite a bit closer to the price of a Toyota Camry or Honda Civic, but its amenities are closer to those of the BMW 3 Series. The same is true for the Model Y.

Despite their relatively mainstream price, the Model 3 and Model Y offer a ton of tech features that are only available in Teslas. These include Full Self-Driving, which is steadily becoming a huge selling point in territories where it is available, and the company’s vast suite of tech-centric convenience features. The fact that the Model 3 and Model Y are among the safest vehicles in their respective classes doesn’t hurt either. 

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Tesla loses Model Y program manager in second blow in single day

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Credit: Tesla Manufacturing

Tesla has lost its Model Y Program Manager, he announced on LinkedIn, marking the second major departure from the company today.

Emmanuel Lamacchia has been in the role for 4 years and 7 months, responsible for the rollout of the all-electric crossover in several markets.

The Model Y became the best-selling vehicle in the world for two years under Lamacchia’s watch, making this a huge loss for the company. However, it seems the decision was made under Lamacchia’s own initiative.

He confirmed his decision on LinkedIn:

“After 8 incredible years, I’m moving on from Tesla.

What a journey it’s been… from leading NPI for Model 3 and Model Y variants to becoming the Vehicle Program Manager for Model Y, the best-selling car in the world!

Leading the All-New Model Y launch was the highlight: converting all 4 factories across 3 continents in just 2 weeks. Something that had never been done before in the auto industry.

To the teams who made this possible: you should be incredibly proud. This achievement belongs to you: the engineers, designers, buyers, and associates in Fremont, Shanghai, Berlin, and Austin who turned an impossible timeline into reality.

Grateful to the leaders who trusted me with programs that stretched my capabilities and to the cross-functional partners who showed me that great solutions come from collaboration, not hierarchy.

Tesla taught me how to move fast without breaking things and how to scale from prototypes to millions of units.

Excited for what’s next. More to share soon.”

It marks the second major program loss for Tesla today, as it also bid farewell to Cybertruck and Model 3 Program Manager Siddhant Awasthi, who said he left voluntarily in “one of the hardest decisions of his life.”

Tesla Cybertruck and Model 3 program manager steps down

Lamacchia was at Tesla for just a shade under eight years, and previously worked for Rolls-Royce for roughly the same amount of time.

After the loss of both Lamacchia and Awasthi today, Tesla has lost a handful of key executives in 2025, including:

  • David Imai, Director of Design
  • David Lau, VP of Software Engineering
  • Mark Westfall, Head of Mechanical Engineering
  • Prashant Menon, Regional Director in India
  • Vineet Mehta, Head of Battery Architecture
  • Omead Afshar, VP/Head of Sales and Manufacturing in North America
  • Milan Kovac, Head of Optimus Team
  • Jenna Ferrua, Director of HR
  • Troy Jones, VP of Sales, Service, and Delivery
  • Pete Bannon, VP of Hardware Engineering
  • Piero Landolfi, Director of Service
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