Hyundai Motor Co plans to invest approximately 2 trillion won ($1.51 billion) in Ulsan, South Korea, to construct a designated electric vehicle (EV) factory, according to South Korea's finance ministry on Tuesday.

According to the finance ministry, the new plant will break ground in the fourth quarter.

The investment is part of Hyundai Motor Group's previously announced plan to invest 24 trillion won in South Korea's EV industry through 2030, which includes Hyundai Motor, Kia Corp, and Hyundai Mobis Co Ltd.

Hyundai Motor Company, also known as Hyundai Motors, is a South Korean multinational automobile manufacturer headquartered in Seoul, South Korea, and founded in 1967. Currently, the company owns 33.88 percent of Kia Corporation and fully owns two marques, including Genesis Motor, a luxury car subsidiary, and Ioniq, an electric vehicle sub-brand. The Hyundai Motor Group is made up of these three brands.