As part of its efforts to strengthen its lineup and to catch up to rival automakers, the company plans to release 17 full electric vehicle models by 2030. The CEO of the company made the announcement when he showed the investor the plan. 11 of the 17 models will be under the mainHyundai brand, while 6 will be under the Genesis luxury brand.
The company said last year that Genesis will switch to electric powertrains completely by 2025, and that it expects to have eight EV models for sale in 2030. The latest announcement from Chang includes more information about the plans of the company. He said that the company is going to set up more manufacturing plants with the ability to produce EV. The automaker wants to capture a 7 percent market share in the global EV market and sell 1.87 million electric vehicle units per year by the year 2030.
The company has yet to reveal the exact models it will be releasing within the next eight years, but it did say that three of them are sedans, six are SUVs, one is a light commercial vehicle, and the last one is a new vehicle type. The IONIQ 6 will most likely be the first release this year. The IONIQ 7 will be released byHyundai in 2024.
According to analysts, $16.08 billion is not aggressive when compared to commitments made by other companies. Toyota plans to invest over 70 billion dollars for its electrification projects by the year 2030, while GM has earmarked $35 billion for its EV and automated vehicle investments from 2020 through 2025.
All Rights Reserved © 2024
