The Hyundai Motor Group plans to invest $18 billion in its domestic EV industry by 2030. The funding will be used to increase production and exports and to foster EV-related industries. The Group announced plans to expand its annual EV production in Korea to 1.51 million units and global volume to 3.64 million units by 2030.
To increase domestic EV production, Kia is building a plant to manufacture electric purpose-built vehicles (PBVs), while also expanding existing EV lines to increase production.
Also, the Group will develop a platform for next-generation EVs, expand product lineups, develop core parts and advanced technologies, and establish research facilities. The Group plans to sequentially develop dedicated platforms for each vehicle class under the Integrated Modular Architecture (IMA) system, including the eM platform designed for passenger EVs, which will be introduced in 2025.
In 2030, Hyundai Motor Group expects to have a total lineup of 31 EV models, including models from Hyundai Motor, Kia, and Genesis. This year, Kia plans to launch EV9, its three-row electric flagship SUV. Hyundai Motor plans to launch the IONIQ 7 in 2024.