Hyundai Motor Group aims to become one of the world's top 3 EV manufacturers by 2030.
Play the article!

Hyundai Motor Group aims to become one of the world's top 3 EV manufacturers by 2030.

Hyundai Motor Group plans to invest KRW 24 trillion (approximately USD 18 billion) to expand EV production and infrastructure, and develop advanced technologies and research facilities to promote innovation in the global automotive industry.

Hyundai Motor Group has announced its ambitious plan to become one of the top three electric vehicle (EV) manufacturers in the world by 2030. The announcement was made during the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea.

The Group plans to achieve this goal through the combined sales of Hyundai Motor, Kia, and Genesis electric models. To facilitate this, the Group plans to significantly expand annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. This will be enabled by a large-scale investment of KRW 24 trillion (approximately USD 18 billion) in the EV sector domestically by Hyundai Motor, Kia, and Hyundai MOBIS.

The investment aims to upgrade Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry. It is also expected to promote a virtuous cycle of domestic EV production, R&D, infrastructure, and related industries.

To enhance the domestic EV production capacity, Kia is building a new plant dedicated to producing electric PBVs, while also expanding the existing EV lines at plants to expand the production capacity of EVs.

Moreover, Hyundai Motor Group has committed to significant investments in research and development (R&D) to bolster its EV capabilities. This will include the development of a platform for next-generation EVs, expanding product lineups, creating core parts and advanced technologies, and establishing research facilities. The Group will also collaborate with its partners to promote technology development, which will improve integrated marketability across hardware and software. The focus will include diversifying dedicated platform product lineups, advancing power electric (PE) systems such as batteries and motors, and developing technologies to increase the all-electric range (AER) on a single charge.

In addition, the Group will actively build a high-speed charging infrastructure to maximize charging convenience for EV customers and expand the charging network in Korea. In April 2021, the Group launched E-pit, a high-speed EV-charging brand, and also launched the E-pit Charging Service Platform (E-CSP) in the following year.

Hyundai Motor Group plans to enter the global top 3 EV manufacturers by 2030, based on its continuous investment, and the combined sales of Hyundai, Kia, and Genesis EV models. The Group has also announced that it plans to significantly expand annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. By 2030, Hyundai Motor Group will have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and the luxury brand Genesis. Kia is set to launch its first three-row seat electric flagship SUV, the EV9, this year, while Hyundai Motor plans to launch the IONIQ 7 in 2024.

Click here and follow us on Google News for regular EV updates.

Spread the love

Leave a Comment

Your email address will not be published. Required fields are marked *