What’s Happening: Hyundai Motor Group announced its ambition to become one of the world’s top three electric vehicle (EV) manufacturers by 2030, leveraging the combined sales of Hyundai Motor, Kia, and Genesis electric models. This announcement was made at the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea. The Group plans to invest KRW 24 trillion in the domestic EV industry through Hyundai Motor, Kia, and Hyundai MOBIS by 2030.
Why It Matters: The Group’s large-scale investment aims to upgrade Korea’s EV ecosystem, solidify its position as a global automotive innovation hub, and promote a virtuous cycle of domestic EV production, R&D, infrastructure, and related industries. This is expected to improve the performance of EVs and contribute to the qualitative growth of the Korean auto industry.
Key Points:
- The Group aims to expand its annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
- Hyundai Motor and Kia, along with Hyundai MOBIS, plan to invest KRW 24 trillion (approximately USD 18 billion) in the domestic EV sector.
- The Group will invest heavily in R&D, including developing next-generation EV platforms, expanding product lineups, developing core parts and advanced technologies, and establishing research facilities.
- Activities will be undertaken to accelerate the development of next-generation platforms to improve EV performance.
- 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.
- The companies will actively build a high-speed charging infrastructure to maximize charging convenience for EV customers and continuously expand the charging network in Korea.
Bottom Line: Hyundai Motor Group’s strategic investments aim to sharpen the Korean EV industry’s competitive edge and deliver unparalleled products and services that will drive a paradigm shift in the global mobility industry. Based on EV sales from Hyundai, Kia, and Genesis, the Group plans to enter the global top 3 by 2030, with an expanded annual EV production of 1.51 million units in Korea and a global volume of 3.64 million units by 2030.
