News

Hyundai Announces EV Assault: Three Sedans, Six SUVs, Mystery Car

Hyundai is kicking its electrification plans into higher gear by announcing a massive investment of KRW 95.5 trillion until 2030. It works out to approximately $16 billion at current exchange rates and will allow the South Korean automotive conglomerate to roll out no fewer than 17 BEVs in the eight years ahead.

The main goal is to boost annual sales of electric vehicles to 1.87 million units by 2030, which is a considerable jump compared to the previous target. Hyundai had established an objective to sell about 560,000 EVs by 2035. By the end of the decade, the company aims to capture 7% of the global electric car market share.

In a bid to achieve its lofty goal, 11 Hyundai-badged models will be launched alongside six luxury EVs from its premium Genesis sub-brand. The mainstream lineup will boast three sedans, six SUVs, a light commercial vehicle, and a “new type model.” Leading the way is the Ioniq 6 sedan coming later this year as a production version of the Prophecy concept. From 2024, the large Ioniq 7 SUV will follow as a road-going SEVEN concept.

Hyundai SEVEN concept

As far as Genesis is concerned, it’s working on two passenger cars and four SUVs, including the already revealed Electrified GV70 due to hit the market later in 2022. From 2025, all the new Genesis models will be electrified to some extent.

In related news, Hyundai is announcing a new Integrated Modular Architecture (IMA) as an evolution of the current E-GMP platform. It’ll be inaugurated in 2025 for both regular models as well as “exclusive purpose-built vehicles” to cut costs and simplify production processes. Doing so will enable the IMA underpinnings to standardize the chassis, motor, and battery to maximize cost efficiency.

Meanwhile, work is underway for an over-the-air (OTA) update coming from late 2022 before being pushed throughout the whole lineup by 2025.

Source: Hyundai

Adrian Padeanu

Editor EVGLOBE

Recent Posts

BMW iX is The Best EV in 2024

In 2024, the BMW iX has been crowned the best electric vehicle (EV) by Consumer…

5 months ago

Will the BMW iX Get a Second Generation?

The BMW iX represents the pinnacle of the brand's current electric vehicle offerings, having made…

6 months ago

MINI John Cooper Works (J01) Teased

MINI is set to break new ground with the introduction of its inaugural electric John…

6 months ago

BMW i5 Flow NOSTOKANA Changes Its Colors

The essence of the 12th BMW Art Car thrives in the distinctive i5, mirroring the…

10 months ago

Tesla Model 3 vs. Nio ET5 – Drag Race

Carwow's latest unusual drag race, brought to you by the German branch of the popular…

1 year ago

2024 BMW i5 xDrive40 and 550e xDrive Coming To The US

The i5 xDrive40 has made its appearance on the 2024 model year pricing list, and…

1 year ago