Automotive
Hyundai Motor Group Invests $18 Billion to Become Top 3 EV Manufacturer by 2030
Hyundai Motor Group Announces Investment Plans to Become Top 3 EV Manufacturer by 2030
Hyundai Motor Group has announced its goal to become one of the world’s top three EV manufacturers by 2030, with a combined sales target of Hyundai Motor, Kia, and Genesis electric models. The Group plans to invest KRW 24 trillion (approximately USD 18 billion) in the domestic EV industry through Hyundai Motor, Kia, and Hyundai MOBIS by 2030. The investment aims to upgrade Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry.
The Group plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030. To enable such plans, Hyundai Motor and Kia, along with Hyundai MOBIS, plan to invest in the EV sector domestically. The investment will enhance integrated marketability across hardware and software, including diversification of dedicated platform product lineups, advancement of power electric (PE) systems that are key to EV performance, such as batteries and motors, and development of technologies to increase all-electric range (AER) on a single charge.
The companies will actively build a high-speed charging infrastructure to maximize charging convenience for EV customers and to continuously expand the charging network in Korea. The Group plans to sequentially develop dedicated platforms for each vehicle class under the Integrated Modular Architecture (IMA) system, including the ‘eM’ platform designed exclusively for passenger EVs, which will be introduced in 2025.
By 2030, Hyundai Motor Group will have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis. The Group plans to enter the global top three based on the continuous investment. The Group also announced plans to significantly expand the annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
Last year, Hyundai Motor Group announced a new sustainable partnership program to strengthen the competitiveness of the Korean automotive industry and the future automotive era. The Group has also operated a program of KRW 5.2 trillion to better support suppliers on their profit and loss, liquidity, and competitiveness improvement measures.
The Group provides external management consulting to suppliers seeking to develop new future business strategies and discover new business growth engines while helping executives and employees of partner companies to develop future mobility capabilities through special training. Through these strategic investments, the Group plans to hone the Korean EV industry’s competitive edge to deliver unparalleled products and services that will drive the paradigm shift in the global mobility industry.
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