Hyundai Motor Group (the Group) has announced its goal to become one of the world’s top 3 EV manufacturers by 2030 through the combined sales of Hyundai Motor, Kia and Genesis electric models, at the groundbreaking ceremony of Kia’s dedicated plant for purpose-built vehicle (PBV) production in Korea. The Group also highlighted its plans to invest KRW 24 trillion in the domestic EV industry through Hyundai Motor, Kia and Hyundai MOBIS by 2030.
The Group 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. To enable such plans, Hyundai Motor and Kia, alongside with Hyundai MOBIS, plan to invest KRW 24 trillion (approximately USD 18 billion) in the EV sector domestically.
To enhance the domestic EV production capacity, Kia is building a new plant dedicated to produce electric PBVs, while also expanding the existing EV lines at plants in order to expand the production capacity of EVs. In addition, the Group will invest heavily in R&D, such as developing a platform for next-generation EVs, expanding product lineups, developing core parts and advanced technologies, and establishing research facilities. It will also promote technology development with its partners.
Based on EV sales from Hyundai, Kia and Genesis, the Group plans to enter the global top 3 by 2030 based on the continuous investment. The Group also announced that it 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.
In 2030, Hyundai Motor Group will have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and luxury brand Genesis. 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.