Hyundai Shifts Company's Resources And Focus To EVs
Hyundai Motor Co. CEO Jaehoon Chang announced that the focus for the Hyundai and Genesis brands is now on electrification. We guess that the same concerns the Kia brand, but it’s a separate part of the Hyundai Motor Group.
According to the recent Automotive News‘ interview, the company has sorted out several other topics, like quality control, styling and expansion of the crossover lineup and now will “aggressively” invest in electric cars.
“That’s the transition that we would like to pursue. As fast as possible. We will go very aggressively on electrification.”
The plan is to launch 13 all-electric models by 2030, including the already launched Hyundai Ioniq 5, and the upcoming Hyundai Ioniq 6 and Hyundai Ioniq 7 large, three-row SUV.
Those three BEVs are the first based on the E-GMP platform, but some of the other BEVs will be based on another dedicated BEV platform, which was hinted at but not yet announced. We can only speculate that maybe it will be something for small electric cars.
Anyway, the Hyundai/Genesis BEV sales target for 2022 is 220,000 – 57% up from 140,000 expected in 2021 and 90,000 in 2020. According to our data, Hyundai’s wholesale sales through the end of November stood at 108,000 (the number of customer deliveries might be slightly different).
The sales target on the Hyundai Motor Group level is 1.7 million in 2026, compared to the previous goal of 1 million in 2025. The plan will be supported by multi-billion-dollar investments, including EV manufacturing in the U.S.
An interesting thing is that the South Korean manufacturer will halt investment in the development of new internal combustion engines to cut costs. Genesis specifically will start phasing out ICEs in 2025 to make space for 8 BEVs/FCVs models in 100% zero-emission lineup by 2030.
“At the same time, the automaker will all but halt investment into new internal combustion engines as it splurges on areas ranging from new battery technologies to EV production bases.”
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