Hyundai Motor Group (HMG) wants to be one of the top three EV manufacturers by 2030 by selling electric models from its Hyundai Motor, Kia, and Genesis brands.
By 2030, the company plans to invest over $18 billion in Hyundai Motor, Kia, and Hyundai MOBIS (Mobility Beyond Integrated Solution).
This investment will increase South Korean EV production to 1.51 million units and global volume to 3.64 million. HMG expects 31 EV models across its brands by 2024, including the Kia EV9 three-row SUV and the Hyundai Ioniq 7.
HMG announced two new EV platforms last October, with the eM architecture for passenger vehicles and the”skateboard” eS platform for purpose-built vehicles (PBVs).
The group’s Integrated Modular Architecture (IMA) will standardize batteries and electric motors for faster and more efficient product development on both platforms. The common 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.
