Hyundai Motor Group revealed its future plans regarding electrified vehicles. And, targeting electric cars to be launched in the next few years.
The South Korean automaker has invested $16.15 billion to build a new electric car platform by 2025 and introduced 17 new electric car models from Hyundai and Genesis by 2030, and is targeting total sales of 1.87 million electric cars.
The new strategic plan has three main factors, namely increasing production capacity, product competitiveness, and software competence. Hyundai wants to be a carbon-neutral brand by 2045. And, starting in Europe by 2035 and in all major markets by 2040.
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An EV-only platform, it is an evolution of the current E-GMP architecture used in the Hyundai Ioniq 5, Kia EV6, Genesis GV60. It will be called Integrated Modular Architecture (IMA) and from 2025 it will support passenger cars and commercial vehicles.
The new platform is expected to bring greater electric range than its predecessor (up to 50% more than the Hyundai Ioniq 5), with standardization of the cell-to-pack battery module and drivetrain helping to reduce development costs.
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Of the 17 new electric models by 2030, 11 will come from Hyundai and 6 from Genesis. The product additions of the Hyundai EV are 3 sedans including the Ioniq 6, 6 SUVs including the Ioniq 7, 1 LCV, and 1 “new type model”. Meanwhile, Genesis will launch 2 sedans and 4 SUVs, with all of its new models going electric by 2030.
Hyundai CEO Jaehoon Chang decided to accelerate the shift to electrification despite supply shortages and the pandemic, setting a target operating margin of 10 percent by 2030 up from 5.7% currently.
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“The new sales target of 1.87 million EVs in 2030 is equivalent to 7% market share, following the previous target of selling 560,000 EVs by 2025,” he said.
At the same time, Hyundai’s new model for the BEV was developed by the Hyundai Innovation Center in Singapore. It is expected to increase efficiency, flexibility, and automation. In addition, Hyundai will start producing EVs in other countries outside of its current factories in South Korea and the Czech Republic.