Hyundai aims to quadruple EV sales by 2030, sets new target of 2 million units

Hyundai Motor Company has announced ambitious plans to sell 2 million electric vehicles (EVs) by 2030, surpassing previous its market projection. In order to achieve this target, the company intends to invest about $85 billion over the next decade. Hyundai will set up new manufacturing plants dedicated solely for EV production while simultaneously utilising existing internal combustion engine (ICE) plants to boost production output and reduce costs.

At the 2023 CEO Investor Day in Seoul, the automaker revealed "Hyundai Motor Way," its new business strategy and financial plan. The updated sales target of 1.87 million units in 2030 and 840,000 units in 2026 have been raised by 130,000 and 100,000 units respectively. If successful, Hyundai's EV sales will expand fourfold, from 8 per cent this year to 34 per cent by 2030.

To achieve higher energy density and improve battery safety in the medium to long term, Hyundai is also prioritizing the development of next-generation batteries, including lithium-ion and solid-state technologies. The company unveiled plans for the second generation of the Electric Global Modular Platform (E-GMP), which will make it possible to create several vehicle classes in a standardised manner, primarily focusing on mid-size SUVs.

The Hyundai Motor Group aims to produce 13 vehicles using the E-GMP platform, including four from Kia Corp between 2025 and 2030.  From compact SUVs to huge SUVs, pickup trucks, and high-end luxury cars, these vehicles will span different sizes and types.

Furthermore, Hyundai plans to increase the localisation rate in the rapidly transitioning US market from the current 0.7 per cent to 75 per cent, while also raising the share in Europe from 7 per cent to 54 per cent. In addition, the company intends to increase EV production in other regions from 2 to 16 per cent in order to meet consumer demand.

Jaehoon Chang, President and chief executive officer of Hyundai, emphasised the value of fostering human-centered innovation and building upon the company's rich legacy to drive technological advancements. Hyundai Motor Company hopes to strengthen its position as a major participant in the global EV industry with the help of these strategic efforts.