Hyundai targets 2 million annual EV sales by 2030

Hyundai Motor Company plans to boost its annual EV sales goal to 2 million units annually by 2030.

The 'upgraded' plan was unveiled during the 2023 CEO Investor Day in Seoul earlier this week which comprised a multitude of business strategies as well as financial plans. In short, Hyundai is going big and all out to dominate the EV market.

A part of the 'Hyundai Motor Way' strategy includes the transition into electrification by leveraging its vast experience in vehicle production and sales. This will also include the brand's upcoming Integrated Modular Architecture (IMA) that will replace its Electric-Global Modular Platform (E-GMP).

In order for this to work smoothly, Hyundai is also looking at securing a gargantuan investment figure of KRW 109.4 trillion (around RM393 billion) in the next 10 years. This will not only be used in developing its new EV platform but also in other interesting aspects such as autonomous driving, hydrogen, robotics, and advanced air mobility (AAM).

Going back to the second-gen EV platform, the new Integrated Modular Architecture (IMA), Hyundai will kick things off by using it to produce 13 new EV models for Hyundai, Kia, and Genesis by 2030. They also expect the IMA to further reduce the EV development complexities and costs, which in turn will boost other key areas like production capacity as well as selling price.

The IMA platform will also offer greater flexibility in developing a wider range of vehicles compared to the current E-GMP platform which only covers mid-sized SUVs. In other words, expect to see other exciting EVs from Hyundai from large SUVs to pickup trucks and even flagship models for the Genesis brand.

Other aspects that Hyundai is looking to greatly improve in the coming years are battery tech and range, AI-based battery management system, software architecture compatibility, autonomous driving of Level 3 and beyond, plus many more.

Right now, we're already very impressed with what they have going on right now with sexy EVs like the Hyundai Ioniq 5 and Kia EV6. Just imagine the things that they'll accomplish a few years down the road.