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”.
- Hyundai's new IMA platform will allow EVs to cater to more segments
- It's working on developing solid-state batteries
- 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).
Dhruv Dhaka
Ajit Dalvi
Suraj Viswanathan
