Hyundai is betting big on electric vehicles, and to that end, the South Korean automaker is developing a new dedicated electric vehicle platform that will underpin at least 13 models from the Hyundai Motor Group’s different brands. The automaker revealed as much at its 2023 CEO Investor Day event. The company has an electric vehicle strategy called “The Road to Modern Cars.” Underneath that, Hyundai aims for rapid ramp-ups, efficient manufacturing and flexible product engineering to keep costs down.
The automaker has been working on a new EV platform called Integrated Modular Architecture (IMA). This will reportedly replace the current E-GMP framework. Automotive News reports that the upcoming IMA platform will be a dedicated EV architecture that will standardize modules and parts between models, which will further expand economies of scale and significantly reduce the complexity and cost of EV development. Hyundai aims to boost profit margins on its upcoming electric vehicles to 10% by 2030.
(Also read: What is range anxiety? Hyundai is developing a ‘power bank’ that can charge EV batteries while driving)
Thirteen dedicated EV models under the Hyundai, Kia and Genesis brands will use the new IMA platform by the end of the decade, the auto brand said. To improve profit margins, Hyundai aims to produce a mix of more electric and combustion-engine-powered vehicles at existing assembly plants.
On top of that, Hyundai also raised its EV sales forecast to 2 million by 2030 from 1.87 million previously. Its sibling brand Kia, which will also use the new IMA platform, is expected to sell about 1.6 million EVs by 2030. Hyundai Motor Group is aiming to sell a total of 3.6 million electric vehicles by 2030, very similar to the goal Toyota set in 2019. same time frame. The South Korean auto giant said global sales of electric vehicles are growing much faster than initially forecast, which is why it is stepping up investments to meet expanding global demand.