Hyundai Aims To Sell 2 Million EVs By 2030, To Set Up New Units

Hyundai would invest about $85 billion over the next decade to achieve the sales target

As global demand on electric vehicles (EVs) gains faster than market estimates, Hyundai Motor Company said it aims to sell 2 million vehicles by 2030. The auto major would invest about $85 billion over the next decade to achieve the sales target. The South Korean carmaker would set up new plants, which will be solely dedicated to EV production, and increase production capacity by utilising the existing internal combustion engine (ICE) plants to reduce costs and time.

Hyundai announced its new mid- to long-term business strategy and financial plan, branded "Hyundai Motor Way," on June 20 at the 2023 CEO Investor Day hosted at the Conrad Hotel in Seoul. The prior goals of 1.87 million units in 2030 and 840,000 units in 2026 have been raised by 130,000 and 100,000 units, respectively. If realised, Hyundai Motor's EV sales would increase fourfold, from 8 percent this year to 34 percent by 2030.

Jaehoon Chang, president and CEO at Hyundai, said, "The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide.” The auto giant is also concentrating on the development of next-generation batteries, including those based on lithium-ion and solid-state ones, in the mid- to long-term in order to achieve high energy density and enhance battery safety.

The company revealed that the second-generation of the Electric Global Modular Platform (E-GMP), which primarily targets mid-size Sports Utility Vehicles (SUVs), will broaden the variety of vehicle classes that can be created in a "standardised manner".

Between 2025 and 2030, the Hyundai Motor Group aims hopes to produce 13 vehicles using E-GMP platform, including four from Kia Corp. These vehicles will range in size from small SUVs to large SUVs, pickup trucks, and high-end luxury cars, as stated by the company.

Hyundai Motor stated that it also aims to enhance the localisation rate in the US market, where the switch to EVs is happening quickly, by raising the share from the current 0.7 per cent to 75 per cent. By increasing the proportion from the present 7 per cent to 54 per cent in Europe, it will also encourage electrification in accordance with market realities. According to market demands, the corporation intends to raise the percentage of EV production in other regions from the current 2 per cent to 16 per cent.

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