Hyundai Motor Group aims to become a top 3 global electric vehicle manufacturer by 2030 with an investment of 24 trillion won
Hyundai Motor Group (HMG) is aiming to become one of the world’s top three electric vehicle manufacturers by 2030 through the sale of combined electric vehicle models from the Hyundai Motor, Kia and Genesis brands. To support this goal, the company said it plans to invest 24 trillion won (approximately RM3.4 billion) in Hyundai Motor, Kia and Hyundai MOBIS (Mobility Beyond Integrated Solutions), also by 2030. .
Through this investment, the group said it will expand annual EV production in Korea to 1.51 million units and global output to 3.64 million units. In the target year, the company says the total lineup will include 31 EV models across its brands, with the models mentioned being Kia EV9 . three-row SUV just launched this year, while Hyundai ioniq 7 coming in 2024.
In October last year, HMG revealed that it will develop two new EV platformswith the eM architecture that will be specific to passenger cars when introduced in 2025. Meanwhile, the eS platform has a “skateboard” design and will be used exclusively for specialized vehicles (PBVs). The company also revealed that Kia will build a new factory specifically for such vehicles.
Both platforms will use the team’s Integrated Modular Architecture (IMA) to standardize batteries and electric motors to speed and efficient product development. This will also help keep costs down, with the use of common parts making software system upgrades easier to perform.
The group has also implemented a 5.2 trillion won (approximately RM17.5 billion) program to better support its suppliers in terms of measures to improve profitability, liquidity and profitability. competitiveness. It noted that it would share the cost burden with its suppliers on fluctuations in raw materials and reflect those changes in the prices of goods supplied, paying about 3.4 trillion won. (approximately RM11.5 billion) to increase material distribution to over 300 key suppliers last year.
In addition, it will help internal combustion engine parts suppliers who want to diversify their business by offering loans at below-market interest rates. Support will also be provided through external management consulting to suppliers looking to develop new business strategies in the future and explore new engines of business growth.
