UPDATED. 2024-05-26 20:30 (일)
Hyundai Motor aims to sell 1.87 million EV units in 2030
Hyundai Motor aims to sell 1.87 million EV units in 2030
  • Yang Tae Hoon
  • 승인 2022.03.03 14:23
  • 댓글 0
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For 7% of global market share
Hyundai Motor CEO Chang Jae-hoon Image: Hyundai Motor
Hyundai Motor CEO Chang Jae-hoon Image: Hyundai Motor

Hyundai Motor said on Wednesday that it was aiming to sell 1.87 million units of electric vehicles (EV) in the global market in the year 2030, which will be equivalent to 7% of the global market share.

Hyundai Motor CEO Chang Jae-hoon also said during an online conference that it is aiming for an operating margin rate of 10% in the sector.

The unit sales figure of 1.87 million units will be equivalent to 36% of the company’s total unit sales, Chang said.

EV unit sales currently accounted for 3.6% of the total, or 140,000 units, as of 2021. 

The South Korean automobile giant will launch 17 EV lineups by 2030, while focusing on production efficiency and optimization, coming up with a comprehensive battery strategy, the CEO said.

Hyundai Motor will launch 11 EV lineups while Genesis will release 6 lineups by 2030, Chang said.

Genesis will launch all new car models as EVs starting in 2025, the CEO said.

According to Chang, Hyundai Motor will also work to procure enough batteries to power the 1.87 million units, which will need around 170GWh worth of batteries.

The company will also focus on developing new battery technologies such as solid-state batteries, he said.

It will also aim to improve the energy density of the batteries it uses by 50% in 2030 compared to 2021 while lowering their cost by 40% over the same time period, Chang said.

Its new research center in Singapore, which will be completed sometime in the second half of the year, will also develop an advanced logistics system and flexible automobile manufacturing structure to apply to Hyundai Motor’s factories worldwide, the CEO said.

Besides continuing to evolve its EV platform E-GMP, the company will also complete the development of an integrated modular architecture (IMA) by 2025 to standardize the core components in cars such as batteries and motors that it uses in its EV, Chang said.

IMA will come in two platforms; eM for passenger EVs and eS for purpose-built vehicles.

The new eM platform will be applicable to more EVs compared to E-GMP, while also offering longer travel distances. It will also come with Level 3 autonomous driving technology and support software updates. Meanwhile, eS will take a structure resembling a skateboard and be used in various B2B and industrial vehicles.

Hyundai Motor will also spend 12 trillion won up to 2030 to increase its software competence.

It will begin trialing Level 4 autonomous driving services in major cities across South Korea during the second half of the year.

A total of 19.4 trillion won will be spent to foster its EV business up to 2030, which will be around 20% of its spending of 95.5 trillion won over the same time period.

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