Hyundai Motor accelerates electrification strategy, targeting 7% of global EV market by 2030.
- To introduce 17 new BEV models by 2030; 11 for Hyundai models and six for Genesis luxury brand
- Company is considering adding a new dedicated BEV production facility
- To strengthen competitiveness in BEVs through hardware and software capabilities
- KRW 12 trillion earmarked to boost software competitiveness in areas such as connectivity and autonomous driving
- To spend KRW 19.4 trillion on electrification
Strengthening BEV line-ups.
Hyundai Motor raised the annual BEV sales target to 1.87 million units by 2030 from previously announced 560,000 units by 2025. The company aims to take 7 percent market share in the overall global BEV market.
Hyundai plans to introduce 17 BEV models; 11 Hyundai marque models along with six models from Genesis luxury brand by 2030 as it seeks to expand BEV spectrum.
The new Hyundai BEV models will include three sedan models, six SUVs, one light commercial vehicle as well as one new type model. This year, Hyundai begin sales of IONIQ 6, followed by IONIQ 7 in 2024.
Genesis luxury brand, the BEV line-up consists of two passenger cars and four SUVs, including the Electrified GV70 launching this year. Starting in 2025, all newly launched models from Genesis will be electrified.
Optimising EV manufacturing capacity.
Hyundai Motor aims to establish a high efficiency manufacturing process for BEV production to accelerate its transition into electrification. Hyundai Motor Global Innovation Centre in Singapore (HMGICS), the cornerstone for innovation in the company’s mobility value chain, will build a human-centred manufacturing innovation platform. The platform is expected to bring dramatic innovation in production efficiency through a flexible production system, advanced level automation and digital twin technology. The innovation will be expanded to global plants in the future.
Beyond existing BEV production facilities centered in Korea and the Czech Republic, Hyundai plans to gradually expand its BEV manufacturing bases, starting with an Indonesian plant that recently started operation. The Indonesian plant will start BEV production this year to help expand production volume.
As BEV production bases expand, the company is trying to increase the local procurement rate of batteries through strategic alliances with battery companies in major regions, including the U.S., to secure sufficient battery supply. Through these alliances, the company expects to obtain more than 50 percent of its next-generation lithium batteries for BEVs starting in 2025.
In addition, Hyundai will also diversify battery sourcing to consolidate the competitiveness of future BEVs. The company has secured sufficient battery supply to meet its sales targets by 2023. Hyundai plans to continue cooperation with various battery companies with an aim of securing 170 GWh of batteries for its models, including Genesis luxury brand by 2030.
Regarding the next-generation batteries, such as solid-state battery, Hyundai is cooperating with various global partners to improve energy density and cost efficiency.