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Hyundai Motor Company to boost its global electrification plans

Kenneth John Updated: March 08, 2022, 03:55 PM IST

Hyundai Motor Corporation has presented a strategic plan to help the company achieve its electrification goals and achieve long-term success.

At the '2022 CEO Investor Day' virtual forum, President and CEO Jaehoon Chang and senior executives presented the plans to shareholders, investors and other stakeholders. Hyundai has also announced sales and financial performance objectives for the year 2030.

Hyundai Motor said in May that it will invest 7.4 US billion Dollars in the development and production of electric vehicles in the United States by 2025. This was followed by a September announcement that the corporation had committed to achieving carbon-neutral globally by 2045.

While Hyundai Motor Group has taken climate change and the pursuit of zero carbon emissions far more seriously than other automakers, the company has also recognised the commercial potential of electric vehicles and their technologies as the market grows.

Hyundai went into detail about the new vehicles coming out this decade, dividing them into Hyundai and Genesis models. Three sedans, six SUVs, one light commercial vehicle, and one "new type model" will be among the upcoming Hyundai BEV vehicles. Sales of the Ioniq 6 are expected to begin this year, with the Hyundai Ioniq 7 following in 2024.

Genesis, Hyundai Motor's premium brand, will also embark on an all-electric transition, with two passenger EVs and four SUVs, including the Electrified GV70, which will debut this year.

Hyundai also unveiled its new modular platform, which will be available in 2025. This Integrated Modular Architecture will be the next step in the growth of Hyundai's electric global modular platform (E-GMP), which has only begun to make its way onto the roads in vehicles like the Ioniq 5, Kia EV6, and Genesis GV60.

Hyundai went on to claim that the IMA can contain five different standardised motors depending on the demands of a particular model, demonstrating the IMA's versatility and economy once further.

Hyundai Motor thinks that by implementing these updated goals, it would be able to increase annual worldwide BEV sales to 1.87 million units and secure a 7 percent market share by 2030. Hyundai previously stated that it aimed to sell 560,000 BEVs by 2025.

President Chang said "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. 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."

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