The Hyundai Motor group is investing close to Rs. 1,50,000 crore in new facilities to increase production and exports while achieving the goal.
Hyundai Motor Group announced its future investment plans at a ceremony in Kia’s dedicated plant for the production of purpose-built vehicles (PBV) in Korea.
- Hyundai Motor Group plans to have 31 EV models on sale globally by 2030, across its brands.
- The group plans to increase global EV production to 36.4 lakh units by 2030.
- The group is set to invest KRW 24 trillion (around Rs. 1,48,700 crore or USD 18.1 billion) by 2030 to ramp up EV operations.
Hyundai Motor Trying to Compete With Tesla, BYD
The announcement that the group intends to compete with Tesla and BYD – which together sell electric models from the Hyundai, Kia, and Genesis brands – by 2030 and become one of the top three EV manufacturers in the world was the highlight of the ceremony.
Additionally, the group announced a KRW 24 trillion (roughly Rs. 1,48,700 crore or USD 18.1 billion) in the homegrown EV industry in Korea continuously in 2030 by means of its brands – Kia, Hyundai Engine, and Hyundai Mobis – to help with Research and development, creation and product of these EVs.
Aiming For The Production Of 36.4 Lakh Units!
- By 2030, the Hyundai Motor Group intends to increase its global EV production to 36.4 lakh units and its annual EV production in Korea to 15.1 lakh units.
- In addition, a plant specifically designed to produce electric PBVs is being constructed under the Kia brand, and plant EV lines will be expanded.
- In addition, Hyundai Motor Group is planning significant investments in R&D, including the construction of brand-new facilities that will assist the company in developing new platforms for EVs of the following generation.
Company Is Trying To Make Variety Of Models
The gathering is creating committed stages for every vehicle class, which will the entire fall under its Incorporated Measured Engineering (IMA) framework. This will incorporate the stage, which is being planned only for traveler EVs and will be presented by 2025. IMA-based platforms can standardize batteries and motors to speed up product development and save money at the same time.
As is the case with the Hyundai Ionia 5 and Kia EV6, this may also make it possible for the company to provide a variety of models with different battery and motor sizes.
Hyundai’s Plan For 2030
- With the increased production, Hyundai Motor Group will also have 31 EV models on sale by 2030 globally, across its 3 brands.
- This product expansion is already underway, as the Kia EV9 3-row SUV is set to be launched later this year, with the Hyundai Ioniq 7 slated to launch in 2024.
- To cater to this expanded portfolio and the lakhs of EVs set to hit the streets by 2030, Hyundai Motor Group is also developing high-speed charging infrastructure, under its E-pit high-speed EV-charging brand introduced in April 2021.
Hyundai Is Improving Competitiveness
Through a program of cooperation between itself and its suppliers, Hyundai Motor Group will also improve the competitiveness of auto parts, contributing to the expansion and development of the Korean auto industry.
The organization has already implemented a program worth approximately Rs. 32,200 crores, or USD 3.9 billion with plans to significantly expand support for suppliers and to “better support suppliers on their profit and loss, liquidity, and competitiveness improvement measures.”