September 29, 2023

Hyundai Motor Group (HMG) is aiming to be one of many world’s prime three EV producers by 2030 via the mixed gross sales of electrical fashions from its Hyundai Motor, Kia and Genesis manufacturers. To assist this purpose, the corporate says it plans to take a position 24 trillion Korean gained (about RM3.4 billion) in Hyundai Motor, Kia and Hyundai MOBIS (MObility Past Built-in Resolution), additionally by 2030.

By way of this funding, the group says it is going to increase annual EV manufacturing in South Korea to 1.51 million items and international quantity to three.64 million items. By the goal yr, the corporate says the entire line-up will embody 31 EV fashions throughout its manufacturers, with talked about fashions being the Kia EV9 three-row SUV that just lately debuted this yr, whereas the Hyundai Ioniq 7 arrives in 2024.

In October final yr, HMG revealed that can develop two new EV platforms, with the eM structure being devoted to passenger automobiles when it’s launched in 2025. In the meantime, the eS platform is of a “skateboard” design and will likely be used completely for purpose-built automobiles (PBVs), and the corporate additionally revealed Kia will construct a brand new plant devoted to such automobiles.

Each platforms will use the group’s Built-in Modular Structure (IMA) that standardises batteries and electrical motors to extend product improvement pace and effectivity. This may even assist cut back prices, with using frequent elements making the upgrading of software program methods simpler to execute.

The group has additionally operated a programme of 5.2 trillion gained (about RM17.5 billion) to higher assist its suppliers on their revenue and loss, liquidity and competitiveness enchancment measures. It notes that it’ll share price burdens with its suppliers on the fluctuation of uncooked supplies and replicate these modifications within the costs of products supplied, paying round 3.4 trillion gained (about RM 11.5 billion) for the rise in uncooked materials supply to greater than 300 major suppliers final yr.

Moreover, it is going to assist suppliers of inner combustion engine elements who want to diversify their companies by offering loans at rates of interest decrease than the market. Help may even be supplied via exterior administration consulting to suppliers in search of to develop new future enterprise methods and uncover new enterprise development engines.