Hyundai Motor Group aiming to be a high 3 international EV producer by 2030 with funding of 24 trillion received

Hyundai Motor Group (HMG) is aiming to be one of many world’s high three EV producers by 2030 by the mixed gross sales of electrical fashions from its Hyundai Motor, Kia and Genesis manufacturers. To help this aim, the corporate says it plans to speculate 24 trillion Korean received (about RM3.4 billion) in Hyundai Motor, Kia and Hyundai MOBIS (MObility Past Built-in Answer), additionally by 2030.

By way of this funding, the group says it can increase annual EV manufacturing in South Korea to 1.51 million models and international quantity to three.64 million models. By the goal 12 months, the corporate says the full line-up will embody 31 EV fashions throughout its manufacturers, with talked about fashions being the Kia EV9 three-row SUV that not too long ago debuted this 12 months, whereas the Hyundai Ioniq 7 arrives in 2024.

In October final 12 months, HMG revealed that may develop two new EV platforms, with the eM structure being devoted to passenger automobiles when it’s launched in 2025. In the meantime, the eS platform is of a “skateboard” design and might be used solely for purpose-built automobiles (PBVs), and the corporate additionally revealed Kia will construct a brand new plant devoted to such automobiles.

Each platforms will use the group’s Built-in Modular Structure (IMA) that standardises batteries and electrical motors to extend product improvement pace and effectivity. This may also assist cut back prices, with using widespread components making the upgrading of software program methods simpler to execute.

The group has additionally operated a programme of 5.2 trillion received (about RM17.5 billion) to higher help its suppliers on their revenue and loss, liquidity and competitiveness enchancment measures. It notes that it’ll share price burdens with its suppliers on the fluctuation of uncooked supplies and replicate these modifications within the costs of products supplied, paying round 3.4 trillion received (about RM 11.5 billion) for the rise in uncooked materials supply to greater than 300 major suppliers final 12 months.

Moreover, it can assist suppliers of inner combustion engine components who want to diversify their companies by offering loans at rates of interest decrease than the market. Help may also be provided by exterior administration consulting to suppliers looking for to develop new future enterprise methods and uncover new enterprise development engines.