Hyundai follows Tesla and BYD as it sets a goal of becoming one of the world’s top three EV makers by 2030

Hyundai Motor Group has announced its goal of becoming the world’s top three EV maker by 2030.

The South Korean automaker, which also owns the Kia and Genesis brands, says it will invest 24 trillion won ($24 billion) by 2030 to increase production and exports and foster EV-related industries.

The group says it will have a total of 31 EV model lineups by 2030. Kia will launch its first three-row electric flagship SUV, the EV9, this year, while Hyundai plans to launch his Ioniq 7 in 2024.

The announcement was made Tuesday at a groundbreaking ceremony for Kia Motors’ dedicated vehicle (PBV) production plant in South Korea.

Restructuring of Top 10 Automakers

Based on 2022 sales, Hyundai was the 9th largest automaker in the world. But as the world transitions to electric vehicles, the top 10 will shift significantly.

The South Korean company currently sits lower on the list than major Japanese, German and US automakers, but Hyundai and Kia are highly rated for their EV offerings by Toyota, Volkswagen, Ford and others. We are working on EV products much faster than we are.

Hyundai Group said it plans to significantly expand annual EV production in South Korea to 1.51 million units by 2030, and 3.64 million units worldwide.

The large-scale investment aims to upgrade South Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry. It is also expected to promote a virtuous cycle of domestic EV production, R&D, infrastructure and related industries.

The Group will invest heavily in R&D, including developing next-generation EV platforms, expanding its product lineup, developing core components and advanced technologies, and establishing research facilities. We will also promote technology development together with our partners.

Hyundai plans to help suppliers build charging networks

Hyundai also said it will support suppliers by sharing the cost burden of fluctuating raw materials. The company said it paid about 3.4 trillion won ($3.86 billion) last year for increased raw material deliveries to more than 300 tier-one suppliers.

In addition, we will establish a fund that allows suppliers of internal combustion engine parts who aim to diversify their business, such as the development of EV parts, to borrow business funds at a lower interest rate than the market, thereby increasing the liquidity of suppliers.

In addition, Hyundai will also build a fast charging network to maximize charging convenience for EV customers. In April 2021, the EV high-speed charging brand “E-pit” was launched, and the following year, the “E-pit Charging Service Platform (E-CSP)” was launched.

Hyundai chasing Tesla and BYD

Hyundai’s goal is to chase Tesla and Chinese EV maker BYD. They are now the top two EV manufacturers in the world by sales volume. Both Tesla and his BYD are rapidly expanding production. Tesla hopes that in 2022 he will produce 1.3 million EVs and in 2023 he will be close to 2 million.

BYD will produce 911,000 fully electric vehicles in 2022 from 320,000 in 2021, showing a staggering production growth rate of 184%.

Korean companies have a history of being the first to spot trends. In 2006, the Finnish company Nokia held his 48% share of the global mobile phone market. After Apple’s launch of his iPhone in 2007, that changed dramatically.

Nokia failed to make the move to touch screen smartphones, but South Korean company Samsung has recognized the move and now holds more than 20% of the smartphone market.

Auto market could converge on just a handful of brands

Just as Apple and Samsung dominated the smartphone market, changes in the global automotive market could lead to a convergence of a few brands to dominate market share.

During Tesla’s Investor Day presentation, Tesla CEO Elon Musk was asked how many models Tesla plans to eventually produce. Musk said it probably wouldn’t be that many, “about 10 people.”

Musk’s response is that the entire industry, he believes, could go from having hundreds of different models to just a few models in a shift similar to what happened to mobile phones with the launch of smartphones. I showed that there is

“What happened with conventional cars is that people ended up modifying the decks because they had nothing to do.”

“So how many[car models]are there on the street? Like hundreds. But are they good variants? No, very few. They’re just variants for dispersion.” rice field.

“look and how offal thing Converged and of phone,”

“Long time ago Become hundreds of of flip phone now what do we Have? It will be like that. ”