By combining the sales of its electric cars under the Hyundai, Kia, and Genesis brands, Hyundai Motor Group (HMG) hopes to rank among the top three electric vehicles (EV) manufacturers in the world by 2030.
The company adds that by 2030, it also intends to invest 24 trillion Korean won (approximately $18 billion USD) in Hyundai, Kia, and Hyundai MOBIS (MObility Beyond Integrated Solution), in order to support this goal.
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The company claims that with this investment, yearly EV manufacturing in South Korea will increase to 1.51 million vehicles and worldwide output to 3.64 million units. HMG estimates that 31 EV models from all of its brands will be available by the target year, with the Kia EV9 three-row SUV making its debut this year followed by the Hyundai Ioniq 7 in 2024.
HMG announced the development of two new EV platforms in October of last year, with the eM architecture being specifically designed for passenger vehicles when it debuts in 2025. The company also disclosed that Kia will construct a new facility specifically for such vehicles. The eS platform, in the meantime, is of a “skateboard” design and will be utilized only for purpose-built vehicles (PBVs).
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Both platforms will make use of the group’s Integrated Modular Architecture (IMA), which standardizes batteries and electric motors in order to improve product development speed and efficiency. By using standard components, it will be simpler to upgrade software systems, which will assist save costs.
In order to better assist its suppliers with their profit and loss, liquidity, and competitiveness improvement efforts, the group also ran a program worth 5.2 trillion won (approximately $3 billion USD). It states that paying roughly 3.4 trillion won (about $2 billion USD) for the increase in raw material delivery to more than 300 primary suppliers last year, it will share cost burdens with its suppliers on the fluctuation of raw materials and reflect such changes in the prices of the items provided.
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Additionally, by offering loans at interest rates below the market, it will assist suppliers of internal combustion engine parts who want to diversify their operations. Furthermore, support will be provided through outside management consultancy to suppliers looking to create fresh business plans and identify fresh development drivers.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com