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Hyundai introduces new EV Platform in its teaser of Electric Truck
The
Hyundai Motor Group
unveiled its next-generation EV platform this week, which will support 13 brand-new EVs from Hyundai, Kia, and Genesis. The new platform, according to Hyundai's CEO, would enable the company to produce EVs across all market categories, including electric trucks. During its 2023 annual investor day, Hyundai stated that it is utilising its established position "amidst a seismic change in the industry" with a KRW 35.9 trillion ($27.8 billion) commitment to enhancing EVs.The IONIQ 5 electric SUV and Kia EV6 crossover are just two examples of the new electric automobiles Hyundai has so far introduced to profit on the changeover. Over 100,000 units of Hyundai's first two exclusively electric vehicles, the IONIQ 5 and IONIQ 6, were sold globally in 2017. By the end of the decade, the company—which also produces Kia and Genesis—wants to rank among the top three EV producers.
By making the investment, they will be able to achieve their new target of selling two million EVs per year by 2030. The change will be significantly aided by its Integrated Modular Architecture (IMA) for next-generation electric vehicles. The IMA is a "significant advancement" that will offer the greatest amount of flexibility and will take the place of Hyundai's present E-GMP platform. More than medium SUVs will be built on the IMA platform. Instead, Jaehoon Chang, CEO of Hyundai, said: "It encompasses almost all vehicle classes, ranging from small and large SUVs to pickup trucks, as well as the flagship models of the Genesis brand."
Despite the lack of more details on the EV pickup, Kia, the sister company of Hyundai, has previously made known its plans to expand its line of electric vehicles by two. At its investor day the previous year, Kia announced that it planned to introduce at least two EVs year while working towards a full portfolio of 15 EVs, including two electric pickups, by 2027.
The first will be a pick-up truck powered by electricity, while the second will be a tactical design for developing markets. After introducing its first three-row SUV, the new flagship EV9 (which started sales in South Korea this week), Kia announced ambitions to introduce an EV in every category with support from Hyundai's new platform.
While Hyundai's first truck (the Santa Cruz) is gaining popularity in the US, it may also be developing an electric vehicle under its own brand. It may even be an electric Genesis car. Hyundai (and Kia) have promise with electric trucks. After sales rose 263% in 2022, its first truck, the Santa Cruz, is still doing well (up 12% year over year in May).