Hyundai wants 7% of BEV market by 2030

Hyundai Motor Company (HMC) is eyeing to corner a seven-percent share of the global battery electric vehicle (BEV) market by 2030.

The vision was announced at the “2022 CEO Investor Day” virtual forum, where HMC President and Chief Executive Officer (CEO) Jaehoon Chang together with other executives presented the company’s goals as it moves toward electrification.

According to HMC, it is now targeting to sell 1.87 million battery-powered vehicles by 2030, from the 560,000-unit goal for 2025 announced earlier.

Aside from that, the company is planning to launch 17 BEV models come 2030 — 11 of which will be wearing the Hyundai badge and the other six the Genesis luxury brand.

The new Hyundai BEV models will include three sedan models, six sport utility vehicles (SUV), one light commercial vehicle and a “new model type.” For 2022, the Korean automaker will start selling the Ioniq 6, followed by Ioniq 7 in 2024.

Meanwhile, the forthcoming Genesis BEV roster will have two passenger cars and four SUVs, which includes the electrified GV70 that will be unveiled within the year. By 2025, all newly launched models from premium marque will be electrified, Hyundai shared.

Further, the company stated that it is planning to establish a “high-efficiency manufacturing process for BEV production to accelerate its transition into electrification”.

Hyundai Motor Global Innovation Center in Singapore (HMGICS) will build a human-centered manufacturing innovation platform that is expected to bring dramatic innovation in production efficiency. The innovation will be expanded to global plants in the future.

Moreover, Hyundai is also looking at expanding its BEV manufacturing bases from the current ones found in Korea and the Czech Republic, beginning with the Indonesian facility that will start producing electric cars soon.

“As BEV production bases expand, the company is trying to increase the local procurement rate of batteries through strategic alliances with battery companies in major regions, including the US, to secure sufficient battery supply. Through these alliances, the company expects to obtain more than 50 percent of its next-generation lithium batteries for BEVs starting in 2025,” the company shared in a statement.

“In addition, Hyundai will also diversify battery sourcing to consolidate the competitiveness of future BEVs. The company has secured sufficient battery supply to meet its sales targets by 2023. Hyundai plans to continue cooperation with various battery companies with an aim of securing 170GWh of batteries for its models, including Genesis luxury brand by 2030,” it added.

Furthermore, Hyundai is looking at introducing an Integrated Modular Architecture (IMA), evolved from the electric global modular platform (E-GMP). The IMA will be utilized in the brand’s passenger BEV platform and its exclusive purpose-built vehicle (PBV) platform to streamline production processes and reduce cost.

By 2030, Hyundai is eyeing to enjoy a 10-percent profit margin.

“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,” Chang said.

“Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘Mobility Solutions Provider’ through advanced technologies of not only hardware but also software,” he added.

Photos from Hyundai

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