Recently, the Hyundai Ioniq 6 was named the car of the year in the world, and the automaker is now intensifying its focus on electric vehicles. South Korea is set to receive $18.1 billion in investment from the Hyundai Motor Company in order to rank among the leading three manufacturers of electric vehicles in 2030.
Hyundai wants to significantly increase the manufacturing of electric vehicles as an aspect of the initiative. If all goes as planned, Hyundai will produce 1.51 million electric vehicles yearly in South Korea and 3.64 million electric vehicles across the globe in 2030. Hyundai also states that its significant investment intends to improve the ecosystem of electric vehicles in Korea and bolster its position as a focal point for the world auto sector’s innovation.
A portion of this investment will go toward building a new factory with EVs as its primary focus. The manufacture of electric vehicles is going to be increased at current facilities using additional cash.
Hyundai would also invest a significant amount in research and development, including creating a platform for the future-generation of electric vehicles, extending the range of products, creating essential components and cutting-edge technologies, and setting up research institutes. It will also support technological progress, alongside its allies.
Enhanced drivetrains, a more varied selection of electric vehicles, and the creation of tools to extend the range of battery electric vehicles on just one charge are all things we can anticipate. The latter is crucial because certain customers continue to struggle with range anxiety.
In order to enhance the efficiency of electric vehicles, Hyundai announced it would speed up the creation of platforms for the upcoming technology. An Integrated Modular Architecture (IMA) of Novel Design is going to be unveiled in 2025 and will comprise an eM platform made specifically for electric cars for use by passengers.
The Hyundai Motor Group’s Hyundai, Genesis and Kia brands are going to offer a combined 31 electrified vehicles by the year 2030. The Ioniq 7 will be available by 2024; however, Hyundai did not provide any further details. In essence, it is Hyundai’s response to the Kia EV9.
There are several extra models on the horizon, which are merely the tip of the iceberg. Genesis announced its switch to electric vehicles and alluded to eight planned models in 2021.
In a statement, Kia stated that it will spend approximately a trillion won ($7.6 billion) building a factory. Kia anticipates producing 150,000 vehicles within a year after completion of construction, with the option to increase production in response to changing market circumstances.
Hyundai has thrown down the gauntlet; it is now up to startups such as ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO) to up their game in response to this statement of intent from the Korean auto giant.
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