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Hyundai’s Electric Ambition: Top 3 EV Maker by 2030

South Korean automaker Hyundai Motor Company has set an ambitious goal of becoming one of the world’s top three electric vehicles (EV) manufacturers by 2030. In pursuit of this objective, the company is heavily investing in research and development, constructing new plants, and expanding its EV lines and production capacity.

Hyundai’s current EVs are developed on the advanced Electric Global Modular Platform (E-GMP). The 2021 Ioniq 5 crossover SUV was the first model in Hyundai’s EV-focused sub-brand Ioniq to be developed on the E-GMP. The company later introduced the Ioniq 6 sedan model in 2022. By leveraging a dedicated EV platform, Hyundai can scale future model production and reduce development and manufacturing costs.

Hyundai plans to launch vehicles based on two new EV platforms, eM, and eS, in 2025. These platforms are expected to lead to more efficient vehicle development and further cost reductions. The automaker aims to achieve 2 million annual EV sales by 2030 with 18 models across its line-up.

In 2022, Hyundai Motor Group, which includes the Hyundai, Kia, and Genesis brands, ranked sixth in SNE Research’s global EV sales. The group delivered 510,000 EV units in 2022, a 40.9% increase from the previous year.

Hyundai’s strong product lineup, featuring the popular Ioniq 5 and Ioniq 6 models, has driven a 50% increase in EBIT growth annually over the last three years. The company plans to maintain this momentum by launching the three-row Ioniq 7 SUV next year.

In 2022, Hyundai Motor Group became the world’s third-largest automaker by sales, trailing only Toyota and Volkswagen. The company reported a 92% year-on-year increase in net profit for the first quarter of 2023, driven mainly by sales in the US and Europe.

Looking forward, Hyundai is keen to penetrate the Chinese consumer market, where the company’s exposure is currently limited. The automaker has a joint venture in China and plans to invest 24 trillion won in South Korea’s EV industry by 2030.

In a bid to compete with Tesla and Ford in the US market, Hyundai is constructing a $5.5-billion EV plant in Georgia with South Korean battery maker SK On. The new facility, set to begin production in 2025, will produce up to 300,000 EVs per year for Hyundai and Kia.

Entrepreneurs and investors should keep a close eye on Hyundai’s progress, as the automaker’s ambitious goals and strategic investments could have a significant impact on the EV market and related industries.