Hyundai looks forward to increase its EV sales by 2 million by 2030
As the worldwide demand for
electric vehicles
grows faster than anticipated by the industry, Hyundai Motor Company announced it intends to sell 2 million of them by 2030. To hit the sales goal, the corporation would spend nearly $85 billion over the following ten years. Utilising the current internal combustion engine (ICE) factories, Hyundai would expand production capacity while cutting costs and time by establishing new facilities that will be completely dedicated to EV manufacture.Hyundai Motor Way was the name of the South Korean automaker's new mid- to long-term business strategy and financial plan, which were unveiled on June 20 during the 2023 CEO Investor Day held at the Conrad Hotel in Seoul. There will be 130,000 more units than the previous targets of 1.87 million in 2030 and 840,000 in 2026, respectively. If achieved, Hyundai Motor's EV sales will rise from 8% this year to 34% by 2030, a fourfold increase.
According to Hyundai President and CEO Jaehoon Chang, "The value of developing human-focused innovation by further developing technology acquired from the past is the distinct heritage that an organisation with a rich legacy can offer." In order to achieve high energy density and improve battery safety, the business is also focusing on the development of next-generation batteries, including those based on lithium-ion and solid-state batteries, in the mid-to-long-term.
The business stated that a wider range of vehicle classes would be able to be built in a "standardised manner" with the second generation of the Electric Global Modular Platform (E-GMP), which primarily targets mid-size Sports Utility Vehicles (SUVs). The Hyundai Motor Group plans to use the E-GMP platform to build 13 cars between 2025 and 2030, including four for Kia Corp. According to the firm, these vehicles will come in a variety of sizes, including compact SUVs, large SUVs, pickup trucks, and high-end luxury sedans.
In the U.S. market, where the transition to EVs is proceeding swiftly, Hyundai Motor claimed that it also seeks to improve localization rates by increasing the proportion from the current 0.7 percent to 75 percent. By raising the percentage in Europe from the current 7% to 54%, it will also boost electrification in line with market realities. The firm plans to increase the percentage of EV manufacturing in other locations from the current 2 percent to 16 percent in response to market needs.