Hyundai announces new IMA EV platform, battery tech

    The South Korean carmaker plans to invest KRW 109.4 trillion (roughly Rs 6,93,211 crore) towards its electrification plans in the next 10 years.

    Published On Jun 22, 2023 10:00:00 AM

    6,868 Views

    Hyundai EV investment
    Listen to this Article

    Hyundai has announced new details regarding its short-term and long-term electrification plans at its 2023 CEO Investor Day. Hyundai plans to invest Korean won 109.4 trillion (roughly Rs 6,93,211 crore) in the next 10 years in its transition to become a “smart mobility solution provider”. 

    1. Hyundai's new IMA platform will allow EVs to cater to more segments
    2. It's working on developing solid-state batteries
    3. Hyundai plans to sell 2 million EVs annually by 2030 globally

    Hyundai’s electrification plans

    Out of the aforementioned amount, Hyundai plans to invest KRW 35.8 trillion (roughly Rs 2,26,852 crore) towards electrification. This includes an investment of KRW 9.5 trillion (roughly Rs 60,198 crore) towards battery development and the remainder for developing the next-gen modular EV architecture and increasing production capacity for EVs.

    The new EV platform will be based on the new Integrated Modular Architecture (IMA) and will replace the existing Electric Global Modular Platform (E-GMP). With the IMA, Hyundai plans to have more standardised modules and parts to further expand economies of scale and reduce EV development costs. The carmaker said the IMA platform will allow parts sharing across different vehicle segments and body styles. With the E-GMP, Hyundai is only producing midsize SUVs, but the IMA will help it produce small to large EV SUVs, pickup trucks as well as flagship models for Genesis. 

    By 2030, the carmaker plans to introduce 13 new EV models under the Hyundai, Kia and Genesis brands. It also announced that it has set a goal of selling two million EVs annually by the end of the decade globally. It also has plans to add more EV production lines at its existing plants in India, the US, South Korea and the Czech Republic, as and when market demand increases.

    Hyundai’s new batteries

    Hyundai stated that it has plans to use a variety of batteries, including the new versions of Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) batteries, with the IMA platform. Alongside, it says it intends to use an AI-based battery management system that will allow real-time battery management and diagnosis of battery conditions.

    For the long term, the carmaker is planning on partnering with firms like Solid Power and SES that specialise in solid-state and lithium-metal batteries, respectively. It also mentioned that it will announce its plans for hydrogen at the Consumer Electronics Show (CES 2024). 

    Hyundai EVs in India

    Currently, Hyundai India sells the Ioniq 5 EV, which is priced at Rs 45.95 lakh (ex-showroom, India). Kia, also under the Hyundai umbrella, sells the EV6 here, which is priced between Rs 60.95 lakh-65.95 lakh (ex-showroom, India). 

    Also see:

    Hyundai Exter interior officially revealed

    Hyundai i20 facelift India testing begins

    Hyundai Cars

    Copyright (c) Autocar India. All rights reserved.

    Comments

    ×
    img

    No comments yet. Be the first to comment.

    Ask Autocar Anything about Car and Bike Buying and Maintenance Advices
    Need an expert opinion on your car and bike related queries?
    Ask Now

    Search By Car Price

    Poll of the month

    The Mahindra XUV 300 facelift will be called the XUV 3XO. Should more brands rename models for facelifts?

    Yes, it could give new life to a slow-selling car

     

    13.67%

    Yes, but only if there are significant changes

     

    32.49%

    No, it's confusing and dilutes the brand name

     

    28.93%

    No difference, the product speaks for itself

     

    24.91%

    Total Votes : 1068
    Sign up for our newsletter

    Get all the latest updates from the automobile universe