The Hyundai Motor Group revealed Tuesday plans to become a top three global EV producer by 2030 with a new roughly $18 billion domestic investment (KRW 24 trillion) to spark growth.
After surpassing General Motors (GM), Nissan, and Stellantis in annual sales volume in 2022, Hyundai is emerging as a real threat in the auto industry.
However, the Hyundai Motor Group, including the Kia and Genesis, knows where the industry is headed (toward fully electric, zero-emission vehicles) and is accelerating its initiatives to get there.
The South Korean automaker is already attracting a new “premium buyer” market with its first dedicated electric vehicle, the IONIQ 5, featuring up to 310 miles range, 800V ultrafast charge capabilities (18 minutes), and advanced technology like vehicle-to-load (V2L).
Hyundai followed it up with the IONIQ 6 electrified streamliner, a sportier, more aerodynamic sedan. The IONIQ 6 debuted as one of the most efficient EVs on the market, with up to 361 miles range and 140 combined MPGe, placing it among the top on Fueleconomy.gov’s 2023 top 10 list alongside two 2023 Lucid Air models.
Hyundai’s European boss claims “brand loyalty doesn’t seem to be as strong in EVs” as the automaker continues attracting a new class of buyers with its powerful, boldly designed, dedicated IONIQ EVs.
For this reason, Hyundai is planning to become a global EV powerhouse, entering the top three by 2030 based on EV sales.
Hyundai plans to become a top 3 global EV maker
In a press release Tuesday, Hyundai, Kia, and Hyundai MOBIS will invest roughly $18 billion (KRW 24 trillion) domestically to increase EV production and exports.
In addition, Hyundai Motor Group is substantially increasing its EV production in Korea to 1.51 million units and global export volume to 3.64 million units by 2030, compared to previous plans of roughly 1.87 million EV sales globally by that time.
Kia is building a new dedicated plant to manufacture fully electric purpose-built vehicles (PBVs) while increasing capacity at existing production lines to boost EV production in Korea.
Hyundai plans to “invest heavily” in new EV technology. For example, it will explore a new platform for its next-generation EVs and establish advanced facilities to increase capacity.
Through the new investments, Hyundai says it will advance the development of EV batteries and e-motors as well as technology to increase the all-electric range from a full charge.
The automaker will develop a dedicated platform for each vehicle class under the Integrated Modular Architecture (IMA) system, including its “eM” platform for electric passenger vehicles, due out in 2025.
As a result, the Hyundai Motor Group, including Kia and Genesis, believes it will become a top three global EV producer by 2030. By that time, Hyundai will have a total of 31 EVs, including the new Kia EV9 electric flagship SUV and Hyundai’s IONIQ 7, due to launch in 2024.