With the Ioniq 5, Hyundai currently has one of the best electric vehicles on the market. The South Korean automaker is working on a few more zero-emissions products, including the Ioniq 6 sedan, and just announced its plans to launch no fewer than 11 new EVs by the end of the decade. Six new EVs are planned for the Genesis luxury brand as well as Hyundai has set a new target of 1.87 million EV sales annually by 2030.
Earlier today, the manufacturer provided details on its updated EV strategy for the next eight years. As part of the business plan, Hyundai will reveal three electric sedans, six SUVs, one light commercial vehicle, and an unspecified “new type model”. The first to arrive is the Ioniq 6 later this year, followed by the Ioniq 7 in 2024.
In turn, the Genesis BEV lineup will expand to include two electric “passenger cars” and four SUVs. Later in 2022, Hyundai’s premium division will launch the Electrified GV70 to the market and from 2025 all new models of the brand will be electrified.
Hyundai will also invest heavily in developing more efficient vehicle production processes. The company’s innovation hub in Singapore is working on a new human-centric manufacturing platform, which is expected to bring about “dramatic innovations in production efficiency.” Once the technology is fully developed, it will be applied to Hyundai factories around the world in the near future.
In addition, Hyundai wants to gradually expand EV production to more factories. A new site in Indonesia will start producing electric vehicles later this year. To secure sufficient battery supply, Hyundai will work to establish new strategic alliances with battery companies in key regions.
“Hyundai successfully accelerated its transition to electrification and became a global leader in EV despite the challenging business environment caused by the global chip shortage and the ongoing pandemic,” commented Hyundai Motor CEO Jaehoon Chang.