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Hyundai to super charge its electric vehicle production

As it eyes taking 7% share of the EV market


Pete Carvill

Hyundai has said that it is going to invest €16bn in electric vehicles by 2030.

The South Korean vehicle manufacturer intends to sell 1.87 million EV vehicles a year by 2030, up from the 560,000 it has been targeting.

The company said that it will also launch 17 new EV models across its Hyundai and Genesis lines. In a statement, Hyundai said six of these vehicles would be under the Genesis name, with the remainder being Hyundai. The company said that it aims to take 7% market share in the overall global EV market.

The news comes from comments made by chief executive Jaehoon Chang at the Investor Day forum, which was held online earlier this week.

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.” 

According to the company, Hyundai already has facilities to build such vehicles within Korea and the Czech Republic. It aims to meet its target for electric vehicle production by opening other facilities, including a forthcoming one in Indonesia.

Hyundai also presented its mid-to long-term financial goals. The company has earmarked KRW 95.5trn (€71.3m) of investment for future businesses by 2030, including KRW 19.4trn (€14.5m) for electrification and KRW 12trn (€8.9m) for software capabilities.

The news from Hyundai comes a month after it announced that it was re-entering the Japanese market where it intends to sell electric vehicles. Sales of those vehicles, said Chang, will be online only. In that report, Bloomberg said that Hyundai had a goal of selling 1.7 million electric vehicles around the world in 2026, up from an earlier aim of 1 million.