Hyundai raises EV sales goal to 2 million by 2030, to set up new plants

Hyundai Motor announced its new mid- to long-term business strategy and financial plan, branded "Hyundai Motor Way," on June 20 at the 2023 CEO Investor Day hosted at the Conrad Hotel in Seoul.

Hyundai Motor Company said it aims to sell 2 million electric vehicles by 2030 as global demand gains faster than market estimates. The company would invest about $85 billion over the next decade to achieve the sales target. Hyundai would set up new plants, which will be solely dedicated to EV production, and increase production capacity by utilising the existing internal combustion engine (ICE) plants to reduce costs and time.

The South Korean carmaker announced its new mid- to long-term business strategy and financial plan, branded "Hyundai Motor Way," on June 20 at the 2023 CEO Investor Day hosted at the Conrad Hotel in Seoul.

The prior goals of 1.87 million units in 2030 and 840,000 units in 2026 have been raised by 130,000 and 100,000 units, respectively. If realised, Hyundai Motor's EV sales would increase fourfold, from 8 percent this year to 34 percent by 2030.

"The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide," said Hyundai President and CEO Jaehoon Chang.

The company is also concentrating on the development of next-generation batteries, including those based on on lithium-ion and solid-state ones, in the mid- to long-term in order to achieve high energy density and enhance battery safety.

The company revealed that the second-generation of the Electric Global Modular Platform (E-GMP), which primarily targets mid-size Sports Utility Vehicles (SUVs), will broaden the variety of vehicle classes that can be created in a "standardised manner".

Between 2025 and 2030, the Hyundai Motor Group aims hopes to produce 13 vehicles using E-GMP platform, including four from Kia Corp. These vehicles will range in size from small SUVs to large SUVs, pickup trucks, and high-end luxury cars, as stated by the company.

Hyundai Motor stated that it also aims to enhance the localisation rate in the U.S. market, where the switch to EVs is happening quickly, by raising the share from the current 0.7 percent to 75 percent. By increasing the proportion from the present 7 percent to 54 percent in Europe, it will also encourage electrification in accordance with market realities.

According to market demands, the corporation intends to raise the percentage of EV production in other regions from the present 2 percent to 16 percent.