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Hyundai plans to become a World Top 3 EV manufacturer by 2030

Hyundai has announced its goal to become one of the world’s top 3 EV manufacturers by 2030 through the combined sales of Hyundai, Kia and Genesis electric models.

The Group announced plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030, investing approx.. $18 billion in the EV sector.

Kia is building a new dedicated plant to produce electric PBVs, while also expanding the existing EV lines at plants in order to expand the production capacity of EVs.

The Group will invest heavily in R&D, such as developing a platform for next-generation EVs, expanding product line-ups, developing core parts and advanced technologies, and establishing research facilities.

The Group also plans to sequentially develop dedicated platforms for each vehicle class under the Integrated Modular Architecture (IMA) system, including the ‘eM’ platform designed exclusively for passenger EVs, which will be introduced in 2025. Platforms using IMA can standardise batteries and motors to increase product development speed and efficiency.

Based on EV sales from Hyundai, Kia and Genesis, the Group plans to enter the global top 3 by 2030 based on the continuous investment.

In 2030, Hyundai Motor Group will have a total line-up of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis. Kia will launch EV9, its first three-row seat electric SUV, this year and Hyundai Motor plans to launch the IONIQ 7 in 2024.

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