Hyundai is betting big on electric cars and for that, the South Korean automaker is working on a new dedicated EV platform that will underpin at least 13 models from different brands under the Hyundai Motor Group. The carmaker revealed this during its 2023 CEO Investor Day event. The company has devised a strategy for electric cars, which is called the ‘Hyundai Motor Way’. Under this, Hyundai aims to rapidly ramp up production volume, efficient manufacturing and flexible product engineering to cut costs.
The automaker has been working on a new electric vehicle platform called Integrated Modular Architecture (IMA). This will reportedly replace the current E-GMP architecture. Automotive News reports that the upcoming IMA platform will be a dedicated EV architecture and it will standardize modules and parts between the models, which will further expand economies of scale and significantly reduce EV development complexity and costs. With this, Hyundai aims to increase its upcoming electric vehicles’ profit margins to 10 per cent by 2030.
Also Read : What range anxiety? Hyundai working on ‘power bank’ that charges EV battery while being driven
The car brand has said that the new IMA platform will be used by 13 dedicated EV models from Hyundai, Kia and Genesis brands by the end of this decade. In order to increase profit margins, Hyundai aims to build more electric cars in mixed production with internal combustion engine-powered vehicles at existing assembly plants.
Besides this, Hyundai has also raised its sales forecast to 20 lakh electric cars but 2030, up from its previous target of 18.70 lakh units. Its sibling brand Kia, which will also use the new IMA platform, expects sales of around 16 lakh EVs by 2030. Hyundai Motor Group aims to sell a total of 36 lakh electric cars by 2030, which is quite similar to Toyota’s set target in the same timeframe. The South Korean auto giant has said that global EV sales are growing at a much faster pace than originally forecast, which is why the company is stepping up its investment to keep up with expanding global demand.
First Published Date: 21 Jun 2023, 17:21 PM IST