Hyundai Motor lays out its EV ambitions

Hyundai Motor CEO Chang Jae-hoon speaks during an online Investor's Day event on Wednesday. [HYUNDAI MOTOR]

Hyundai Motor plans to expand sales of its electric vehicles (EVs) sixfold by 2026 and 13-fold by 2030, capturing 7 percent of global EV sales or 1.87 million units.

The Korean carmaker plans to launch at least 17 electric models, including from its high-end Genesis brand, and revamp its existing manufacturing facilities.

It is considering building a factory producing only EVs, possibly outside Korea.

“Hyundai Motor, as a provider of mobility solutions, plans to not only improve hardware quality but also fortify the software part to provide the most suitable service to customers and generate profit,” said Hyundai Motor CEO Chang Jae-hoon during an Investor’s Day event held online on Wednesday.

Last year, Hyundai Motor sold 140,000 EVs including the Ioniq 5.

Thanks to that model's popularity, Hyundai Motor was able to claim 3 percent of global EV sales last year.

The automaker plans to increase that figure to 840,000 units by 2026 and 1.87 million units by 2030.

That will move the proportion of EV sales within Hyundai Motor from 4 percent now to 36 percent in 2030.

By region, Hyundai Motor plans sell 530,000 EVs in North America by 2030, accounting for 11 percent of the region’s EV sales. In Europe, the automaker plans to grab 6 percent of the local EV sales and 58 percent on its home turf.

This year, the automaker will launch the all-electric Ioniq 6 midsize sedan followed by the Ioniq 7 next year. Genesis will launch at least six EV models through 2030, four of which will be SUVs and two sedans.

Hyundai Motor will upgrade its E-GMP, a production platform designed from scratch for EVs rather than a modification of systems for internal combustion engine cars. The existing E-GMP was able to make midsize SUVs and sedans but the upgraded version, dubbed Integrated Modular Architecture, will be able to produce passenger cars and trucks.

The automaker’s EV goal also includes revamping existing manufacturing facilities that make internal combustion engine vehicles.

The Hyundai Motor Group Innovation Center Singapore, which is scheduled to be completed within this year, will have the latest manufacturing and logistics systems for EVs. Those systems will be used in other factories, the company said.

At the moment, Hyundai Motor's Korea and Czech Republic factories are responsible for making EVs. The carmaker plans to expand EV manufacturing to other factories, starting with Indonesia this year.

Hyundai Motor promised to invest 95.5 trillion won from 2022 to 2030 to realize its EV ambitions. Of the 95.5 trillion won, 45 percent will be spent on facilities and 40 percent on R&D.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]