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 group, which includes Hyundai Motor, Kia, and Genesis, aims to achieve this goal through a combined sales strategy of its electric models.
To support its objective, the South Korean automotive conglomerate is planning to invest KRW 24 trillion (around USD 18 billion) in the domestic EV industry over the next decade. The investment will expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
The company’s move is expected to strengthen its role as a hub for driving innovation in the global automotive industry and to promote a virtuous cycle of domestic EV production, R&D, infrastructure, and related industries.
Hyundai Motor Group will introduce a total of 31 EV models by 2030, including the Hyundai Motor IONIQ 7 and Kia’s first three-row seat electric flagship SUV, the EV9, which is set to launch this year. In addition, the group will heavily invest in R&D, expanding product lineups, developing core parts and advanced technologies, and establishing research facilities.
The group also plans to build a high-speed charging infrastructure to maximize charging convenience for EV customers and expand the charging network in Korea. In April 2021, the company launched E-pit, a high-speed EV-charging brand, and also launched the E-pit Charging Service Platform (E-CSP) in the following year.
Moreover, Hyundai Motor Group plans to bolster the competitiveness of auto parts through a cooperation program. The company aims to strengthen the competitiveness of the Korean automotive industry and the future automotive era. The group will share cost burdens with its suppliers on the fluctuation of raw materials and reflect those changes in the prices of goods provided. It will also provide external management consulting to suppliers seeking to develop new future business strategies and discover new business growth engines.
Through these strategic investments, Hyundai Motor Group is set to sharpen the Korean EV industry’s competitive edge to deliver unparalleled products and services that will drive the paradigm shift in the global mobility industry.
