Hyundai Targets Top 3 Global EV Rank by 2030 with $18 Billion Investment

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  • Hyundai Motor Group plans to invest KRW 24 trillion in the EV sector to become one of the top 3 global EV manufacturers by 2030
  • The investment will increase annual EV production in Korea to 1.51 million units and worldwide to 3.64 million units by 2030
  • The Group will have a total lineup of 31 EV models, including offerings from Hyundai Motor, Kia, and Genesis

Hyundai Motor Group announced today its ambitious goal to become one of the top 3 electric vehicle (EV) manufacturers in the world by 2030, with combined sales from Hyundai Motor, Kia, and Genesis.

The announcement was made at the groundbreaking ceremony for Kia’s dedicated purpose-built vehicle (PBV) production plant in Korea. 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.

This large-scale investment aims to reinforce Korea’s EV ecosystem and solidify its position as a global innovation hub for the automotive industry. The investment will also support a virtuous cycle of domestic EV production, research and development (R&D), infrastructure, and related industries.

“We’re committed to strengthening Korea’s position as a leader in the global EV market,” said a Hyundai Motor Group spokesperson. “Our investment in the domestic EV sector will not only increase production and exports but also foster innovation and competitiveness in the auto parts industry.”

In order to expand domestic EV production capacity, Kia is constructing a new electric PBV plant, while existing EV lines at other plants will also be expanded. The Group will also heavily invest in R&D, including next-generation EV platforms, expanded product lineups, core parts and advanced technologies, and research facilities.

The Group aims to introduce dedicated platforms for various vehicle classes under the Integrated Modular Architecture (IMA) system, including the ‘eM’ platform for passenger EVs, which is set to launch in 2025. This standardization of batteries and motors will increase product development speed and efficiency.

Furthermore, Hyundai Motor Group will actively establish a high-speed charging infrastructure to enhance charging convenience for EV customers and expand the charging network in Korea. The Group had previously launched the E-pit high-speed EV charging brand in April 2021 and the E-pit Charging Service Platform (E-CSP) in 2022.

By 2030, the Group’s total EV lineup will include 31 models from Hyundai Motor, Kia, and luxury brand Genesis. Among the upcoming releases, Kia’s first three-row seat electric flagship SUV, the EV9, is set to launch this year, while Hyundai Motor plans to introduce the IONIQ 7 in 2024.