Hyundai Unveils Bold EV Strategy And Rivals Are Taking Note

Hyundai's electric vehicle plans areofficially in full swing. The South Korean automaker has announced plans to launch 17 new EVs by 2030; 11 from Hyundai and six from the Genesis luxury brand. With that, Hyundai has set a new goal of 1.87 million EV sales annually by 2030. The previous goal was 560,000 EVs by 2025. Over the next eight years, Hyundai Motor Group will introduce three EV sedans, six SUVs, one light commercial vehicle, and, perhaps most interestingly, a "new type of model." One of those sedans is theIoniq 6, which will debut later this year. The Ioniq 7 SUV is set for a 2024 launch.

As for Genesis, its EV lineup will expand to include two passenger cars and four SUVs. Later this year, theElectrified GV70will have its debut, and, beginning in 2025, the luxury brand will only launch electrified vehicles.

Another key area Hyundai will invest in is the development of more efficient vehicle production methods. It already has its innovation center in Singapore working on a new human-centered manufacturing innovation platform. Hyundai says this platform will bring a "dramatic innovation in production efficiency" and will eventually be expanded to all global plants.

At the same time, Hyundai aims to gradually boost EV production at more of its production plants. For example, a new facility in Indonesia will commence production of EVs later this year. Securing a sufficient battery supply is critical for EVs so Hyundai trying to increase the local procurement rate of batteries through strategic alliances with battery companies in major regions, including the US.