Hyundai Motor Group is making some big moves to get more aggressive in the electric vehicle (EV) game and hopes to be a top three player in the world by the end of the current decade. The group — Hyundai, Kia and Genesis — is considering investing more to boost production to meet rising demand.
Hyundai has repeatedly emphasized its e-GMP (Electric Global Modular) platform for electric vehicles, which is the basis for models such as the Ioniq 5 and EV6. It is a dedicated pure electric platform that will also give birth to future EV models. But introducing new models and expanding the product portfolio alone won’t work because demand has to match supply. As a result, Hyundai Motor Group plans to invest $18.2 billion by 2030.
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A report in Automotive News highlights how the Korean aims to break into the top three EV makers. The electric car club is currently led by Tesla, and by a wide margin. But the remaining spots are still up for grabs, with global brands including Hyundai, Ford, GM, Volkswagen and Mercedes making waves. Toyota — the world’s leading automaker by sales — also plans to sell about 1.5 million electric vehicles a year by 2026. And there are Chinese companies as ambitious as BYD.
Hyundai plans to increase its annual global production of electric vehicles to about 3.6 million by 2030. By comparison, Tesla produced 1.4 million in 2022 and is expected to roll out 2 million in 2023. But the next few years are likely to see Hyundai not only step up production of existing models, but also have a portfolio of as many as 31 all-electric vehicles — Hyundai, Kia and Genesis combined. In the near future, Kia is preparing to launch the EV9 electric SUV in the US, while Hyundai has launched the Ioniq 6 and is now preparing the Ioniq 7.
First published date: April 12, 2023 at 11:41 am IST