Hyundai Aims to Become one of World’s Top 3 EV Manufacturers

Cars, News I By Justin Cornelison I April 12, 2023
Top 3 EV Manufacturers

Hyundai Motor Group has announced its ambition to become one of the world’s top 3 EV manufacturers by 2030. The Group’s plan to achieve this goal includes investing over $18 billion USD by 2030, increasing production and exports, and fostering EV-related industries. Hyundai Motor Group comprises Hyundai Motor, Kia, and Genesis, and the combined sales of their electric models will drive them towards their goal of becoming one of the top EV manufacturers globally.

Based on EV sales from Hyundai, Kia, and Genesis, the Group plans to enter the global top 3 by 2030 based on continuous investment. The Group will have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis by 2030. Kia will launch EV9, its first three-row seat electric flagship SUV this year, and Hyundai Motor plans to launch the IONIQ 7 in 2024.

To enable this plan, the Group will significantly expand annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. The Group will also invest heavily in R&D and develop a platform for next-generation EVs, expand product lineups, develop core parts and advanced technologies, and establish research facilities. In addition, the Group will promote win-win activities with partners, including suppliers, and foster the competitiveness of auto parts.

The Group’s large-scale investment aims to upgrade Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry. It is also expected to promote a virtuous cycle of domestic EV production, R&D, infrastructure, and related industries. To enhance domestic EV production capacity, Kia is building a new plant dedicated to producing electric PBVs, while also expanding existing EV lines to increase production capacity.

Read more about how Hyundai’s plan to become one of the world’s top 3 EV manufacturers here.

The Guide to Road Racing: Winding Road Magazine's ultimate guide to getting your start in racing.

Table of Contents

Related Articles

Bridgestone Recognized as Top Global Supplier by General Motors

Bridgestone was named as one of General Motors’ top global suppliers of 2023, marking the company’s ninth consecutive and 22nd overall recognition for this award. Bridgestone…

May 23, 2024
Kia EV3 Delivers Elevated Electric SUV Experience for All With Innovative Technology And Advanced Design Beyond Its Class

Kia EV3 brings innovative technology of brand’s flagship EV9 SUV to set new standards in the compact EV SUV segment Bold, progressive exterior with innovative,…

May 23, 2024
Adamastor Introduces the FURIA, the First Portuguese Supercar

PORTO, Portugal, May 14, 2024 – The history of the Portuguese car industry is filled with good examples of the significance of Portuguese entrepreneurship, the desire to…

May 14, 2024
Genesis confirms THREE Debuts for 2024 Goodwood Festival of Speed

Global, European and UK debuts from Genesis at this year’s Festival of Speed New Genesis stand to create immersive and inspiring brand experience for customers…

May 13, 2024
Building on Greatness: Redesigned Toyota Camry Goes All-Hybrid at Kentucky Plant

Ninth-Generation Camry Rolls off the Line; Showcases Commitment to Electrification and Long-Term Job Stability in the U.S. GEORGETOWN, Ky., May 8, 2024 – Team members at…

May 08, 2024

EMAIL SIGN UP

Get the latest driving and racing news straight to your inbox.

no thanks

Begin typing your search above and press return to search.