Hyundai Unveils Bold EV Strategy And Rivals Are Taking Note

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The Ioniq 5 is only the beginning.

Hyundai's electric vehicle plans are officially 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 the Ioniq 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, the Electrified GV70 will have its debut, and, beginning in 2025, the luxury brand will only launch electrified vehicles.

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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.

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"Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," said Hyundai Motor Global CEO Jaehoon Chang. The carmaker's new plan further calls for an operating profit margin of 10 percent or higher on EVs. A new EV platform, dubbed Integrated Modular Architecture (IMA), is slated to be ready by 2025. It's considered to be an evolution of the current e-GMP platform and will underpin several new commercial vehicles such as ride-hailing and robotaxis.

There's no doubt Hyundai is going all-in with EVs, just like GM, Volvo, and Jaguar. But the key to long-term success is a solid transition plan. Based on what was announced today, Hyundai clearly has its act together.

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