Hyundai to invest $16 billion on EVs

By now, we already know the automobile industry is heading towards electrification. Global electric vehicle (EV) production is expected to increase in the upcoming years. With that being said, South Korean auto giant Hyundai is about to make great strides of its own.

In the company's most recent CEO investor day forum, Hyundai Motor CEO Jaehoon Chang outlined the automaker's future electrification strategies.

A total of 19.4 trillion won ($16.10 billion) worth of investment is aimed at boosting the company's sales by securing a 7% global EV market share in 2030. Hyundai wants to do this by strengthening its BEV lineups, optimizing manufacturing bases, and securing automotive hardware and software competitiveness.

With the carmaker's plans to sell 1.87 million BEV units annually by 2030, a total of 17 new battery-electric vehicles (BEVs) will be introduced. Specifically, three new sedan models, six SUVs, one LCV, and a new segment vehicle is in the pipeline for the main Hyundai brand.

On the other hand, their luxury division, Genesis, will have a BEV lineup that consists of two passenger cars and four SUVs, including the electrified version of the GV70 set to be launched this year.

Chang also highlighted Hyundai's plans to expand its BEV manufacturing bases. Apart from the existing production facility in Korea and the Czech Republic, the company's Indonesian plant has recently started its operations.

For future BEV models, an Integrated Modular Architecture (IMA) will be utilized by Hyundai. This new platform is being developed to standardize not just the chassis, but also the battery system, and motor. The innovative architecture will improve production processes and reduce costs.

Because of these investment plans, Hyundai is now going towards its transition to become a global leader in EVs.