South Korean automaker Hyundai Motor Company is increasing its production capabilities It aims to be among the top three electric vehicle makers in the world by 2030,
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The automaker is investing heavily in research and development, building new plants and platforms as well as expanding EV lines and production capacity.
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“We are now developing two more platforms and this will help us to have 18 models by 2030. And we are [aiming] to achieve 2 million [annual] EV sales around 2030,” Jehoon Chang, CEO of Hyundai Motor Co., told CNBC’s Cheri Kang.
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Its EVs are currently developed on an advanced bespoke EV platform, the Hyundai Electric Global Modular Platform (e-GMP). The 2021 Ioniq 5 crossover SUV was the first model from Hyundai’s EV-focused sub-brand Ioniq to be developed on E-GMP. Hyundai will launch the Ioniq 6 sedan model later in 2022. An EV platform scales the production of future models and reduces development and manufacturing costs.
“It is important that we have a dedicated EV platform. Our EV platform, which is e-GMP, is a strong enabler to ensure the performance, reliability and utility of EVs. Very strong support.” Chang said.
Hyundai plans to introduce vehicles based on it in 2025 Two new EV platforms, EM and ESWhich is expected to lead to more efficient vehicle development and further reduction in costs.
Hyundai Motor Group, whose brands include Hyundai, Kia and Genesis, Ranked 6th in SNE Research’s Global EV Sales Ranking for 2022, It delivered 510,000 EV units last year, up 40.9% from 2021, according to SNE Research. China ranked first BYDwhich delivered 1.87 million units, followed by Tesla With 1.31 million units. German Volkswagen and of China Geely Got fourth and fifth place respectively.
“During the past three years, our EBIT growth is 50% every year. This is mainly driven by our products, especially the Ioniq 5 and Ioniq 6, which are well-regarded by customers…” Chang said Said.
“We can keep the momentum going. We have another EV, the Ioniq 7, the largest three-row SUV, in our pipeline for next year. So that’s a short-term perspective of what we’re doing,” Chang said.
Net profit came in at 3.42 trillion won ($2.56 billion), up from 1.78 trillion won in the same period a year earlier. Revenue climbed 24.7% year-on-year, rising from 30.3 trillion won to 37.78 trillion won.
Chang said Hyundai eventually wants to enter China’s consumer market, where the company’s exposure is “very limited at the moment”.
Chang said, “We have a joint venture in China. Now we are deeply considering how we can regain the competitiveness of the Chinese market.” China’s EV sales are expected to exceed 8 million units in 2023According to Counterpoint Research.
“I think the first step we are looking at is how we can optimize operational efficiencies in China. And the next step should be our focus on a product portfolio that is attractive to local customers with comparable software functions. should be, as well as hardware and design features,” Chang said.
Domestically, Hyundai said it plans to invest 24 trillion won in South Korea’s EV industry by 2030.
To compete with Tesla and Ford, Hyundai is building a $5.5 billion EV plant in Georgia with South Korean battery maker SK On to supply batteries for Hyundai and Kia EVs assembled in the US. Year starting from 2025.
The investment is also being driven by the US Inflation Reduction Act, which provides a $7,500 tax credit if the vehicle and its batteries are assembled in the US. Hyundai currently does not have any EV plants in the US.