Hyundai Motor Group Aims To Become A Top 3 EV Manufacturer By 2030
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At the groundbreaking ceremony for Kia’s specialized plant for purpose-built vehicle (PBV) production in Korea, Hyundai Motor Group recently declared its intention to rank among the top three EV manufacturers in the world by 2030 through the combined sales of Hyundai Motor, Kia, and Genesis electric models. Hyundai Motor Group also emphasized its plans to invest KRW 24 trillion ($18.4 billion) in the domestic EV market by 2030 through Hyundai Motor, Kia, and Hyundai MOBIS.
Hyundai Motor Group has made plans to increase annual EV manufacturing by 3.64 million units globally and 1.51 million units in Korea by 2030.
With its substantial investment, the Group hopes to improve Korea’s electric vehicle ecosystem and solidify its position as a center of innovation for the entire automotive sector.
Kia is constructing a new factory specifically designed to create electric PBVs as well as extending the current EV lines at factories to increase the domestic EV manufacturing capacity.
The Group will also make significant investments in R&D, including building research centers, creating a platform for next-generation EVs, increasing product ranges, and creating essential components and cutting-edge technologies. Along with its partners, it will also support technological development.
The advancement of power electric (PE) systems that are essential to EV performance, including as batteries and motors, as well as the development of technologies to extend all-electric range (AER) on a single charge, will all improve integrated marketability across hardware and software.
In order to boost EV performance, initiatives will be taken to expedite the development of next-generation platforms. Using the Integrated Modular Architecture (IMA) concept, the company intends to sequentially construct specialized platforms for each type of vehicle, including the “eM” platform created specifically for passenger EVs, which will be unveiled in 2025. Platforms utilizing IMA can standardize batteries and motors to speed up and improve the effectiveness of product development.
As far as charging, Hyundai Motor Group introduced E-pit in April 2021 in Korea as a high-speed EV charging brand. The E-pit Charging Service Platform (E-CSP) was introduced the following year.
Hyundai Motor Group will feature a total of 31 electric vehicle (EV) models in its inventory by 2030. This year, Kia will introduce the EV9, a three-row electric flagship SUV, and in 2024, Hyundai Motor will do the same with the IONIQ 7.
To accelerate the electrification transition of the auto components business and assist the qualitative expansion of the Korean auto industry, Hyundai Motor Group is planning to considerably increase support for suppliers. The group will share costs, such as fluctuating raw material costs, with its suppliers and account for those fluctuations in the prices of the commodities it provides. For the rise in raw material deliveries to more than 300 primary suppliers last year, Hyundai Motor Group paid around KRW 3.4 trillion ($2.6 billion).
The corporation is creating a fund to enable suppliers of internal combustion engine parts who want to expand their businesses, including the creation of eco-friendly vehicle parts, so that they can borrow money for their businesses at low interest rates compared to the market — in an effort to improve suppliers’ liquidity.
While assisting executives and staff members of partner organizations in acquiring future mobility capabilities through specialized training, Hyundai Motor Group is offering external management advice to suppliers looking to establish new future business strategies and identify new company development engines.
So, will the company become one of the top three EV manufacturers by 2030? BYD and Tesla are far and away in the lead right now — does Hyundai Motor Group presume they will top the charts still in 2030? I guess we will wait to see what happens! With continued investments of $18 billion in the right areas, they may have a decent chance at achieving their aims. Even if they don’t make it to the top 3, they are still reducing emissions and helping the planet by focusing more on the domestic EV market instead of producing more petrol vehicles.
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