Hyundai Motor's Ulsan Plant EV Conversion Permit Period Cut to Within 1 Year

The government has decided to shorten the procedures for factory permits and approvals, as well as environmental, traffic, and disaster impact assessments, from the existing three years or more to within one year in order to accelerate the transition of Hyundai Motor's Ulsan plant to electric vehicle production. This measure is part of the '2nd FieldOriented Corporate Investment and Innovation Support Plan,' announced at the emergency economic headquarters meeting and the ministers' meeting on economic affairs held on the 1st. The government said it would simplify regulations and administrative procedures to promptly carry out largescale investment projects in sectors such as green transition, secondary batteries, and advanced sensors. The two production lines at Hyundai Motor's Ulsan Plant 1 and Plant 4 are targets for reconstruction centered on autonomous driving electric vehicles, with about 4 trillion won being invested. The government plans to carry out the related procedures simultaneously, and Ulsan City and Hyundai Motor will sign a memorandum of understanding in the second half of this year to establish a onestop support system. In addition, the government also plans to allow integrated procurement for semiconductor fab expansions, apply a fast track to the designation procedure for the Muan National Industrial Complex, and expand special provisions for secondary battery safety management. This measure follows up on the first support plan announced last August.