Hyundai Motor Group (HMG) has set a goal of becoming one of the top three electric vehicle (EV) manufacturers by 2030, offering electric models across its Hyundai Motor, Kia, and Genesis brands. The company plans to invest over $18 billion in Hyundai Motor, Kia, and Hyundai MOBIS (Mobility Beyond Integrated Solution) by 2030 to increase EV production in South Korea to 1.51 million units and global volume to 3.64 million.
HMG is expected to introduce 31 EV models across its brands by 2024, including the Kia EV9 three-row SUV and the Hyundai Ioniq 7. In October last year, the group announced two new EV platforms, the eM architecture for passenger vehicles, and the “skateboard” eS platform for purpose-built vehicles. The group’s Integrated Modular Architecture (IMA) will standardize batteries and electric motors for faster and more efficient product development on both platforms. Standardizing parts will simplify software system upgrades and reduce costs.
HMG will also provide low-interest loans to internal combustion engine part suppliers who want to diversify. Suppliers seeking new business strategies and growth engines will receive external management consulting. HMG’s initiative is in line with South Korea’s ambitious goal to have all new vehicles sold in the country to be electric by 2030, and it is also in line with global efforts to address climate change by reducing carbon emissions.