Hyundai Wants To Be 3rd Largest EV Maker By 2030
- Written by : Ashton G. Curran
- Date Published : 2023-04-13
- Date Updated : 2023-04-13
- Category / Tag : hyundai
Hyundai, Kia, Genesis, and Hyundai Mobis have set their sights on becoming the world's third-largest electric vehicle (EV) manufacturer by 2030.
In pursuit of this goal, the group will invest €16.5 billion in South Korea to support EV design and production.
The strategic plan entails developing a range of 31 EV models by 2030, in addition to upgrading current research and production facilities.
Modular Platforms and Superior Performance.
The new generation of modular platforms under development will be diversified by segment to offer superior performance and efficiency compared to current technologies.
The eM modular platform dedicated to passenger vehicles, derived from the Integrated Modular Architecture (IMA), is set to launch in 2025.
The eM platform will be equipped with standardized components for motors and batteries.
The Korean group forecasts producing 3.64 million EVs per year by 2030, of which around 1.5 million will be assembled in South Korea.
Collaboration with Suppliers.
Hyundai will collaborate with suppliers to facilitate the transition to electric.
The group will offer subsidized funds for investments in Korea and share the burden of costs related to the fluctuation of raw materials.
This strategy is a continuation of an approach started in 2022, which entailed investing over €2 billion.
Hyundai's Commitment to Sustainability.
Hyundai's ambitious plan is part of its commitment to sustainability, which it has consistently prioritized in recent years.
The Korean carmaker aims to reduce its carbon footprint by 75% by 2040, compared to 2019 levels.
Hyundai has also set a goal of reaching carbon neutrality in its operations by 2045.
The group is dedicated to providing sustainable transportation solutions that contribute to a cleaner environment and a healthier planet.
Hyundai's commitment to investing heavily in EVs and pursuing its goal of becoming the world's third-largest EV manufacturer by 2030 could have significant implications for the wider automotive industry.
The move could put pressure on other carmakers to accelerate their own EV plans to keep pace with Hyundai.
Additionally, Hyundai's investment in South Korea could boost the country's economy and help position it as a leader in the global transition to sustainable mobility.