One of the leading automobile manufacturers, Hyundai has announced more details about electrification plans on 2023 CEO Investor Day. The carmaker has planned for an investment worth 109.4 trillion KRW (Rs. 6,93,211 crores) in the next 10 years. This investment of Korean carmaker will be a part of its transition to becoming a smart mobility solution provider.
The Electrification Transition Plans of Hyundai
The Korean car manufacturer has announced the investment details with a total amount of 109.4 trillion KRW. Out of the total amount, the carmaker will invest 35.8 trillion KRW (Rs 2,26,852 crore) for the electrification. This includes the investment of KRW 9.5 trillion (Rs 60,198 crore) for the development of batteries. However, the remaining amount will be invested in the development of modular EV architecture and an increment in the production capacity of EVs.
The carmaker has ambitious plans to introduce more Electric vehicles in its line-up by 2030. The upcoming new electric vehicles will be sold under multiple brands like Hyundai, Genesis, and Kia. Moreover, the carmaker has a target of selling 2 million EVs by the end of the decade worldwide. Hyundai will add more production lines for EVs at its plants in India, the USA, South Korea, etc. like countries.
The new EV Platform of Hyundai
The upcoming new EV platform will be based on the new Integrated Modular Architecture (IMA). The new IMA EV platform will replace the outgoing Electric Global Modular Platform (E-GMP) platform. The carmaker has planned to have more standardized modules and parts with the new IMA platform. Also, this platform is aimed at expanding economies of scale and reducing the expenses of EV development.
Hyundai says that the new IMA platform will allow the sharing of parts and components across various vehicles, segments, and body styles. The carmaker used to manufacture only mid-size SUVs on the E-GMP Platform. However, the new IMA platform will support the manufacturing of large SUVs, pick-up trucks, and flagship models by Genesis.
The implementation of Batteries
The carmaker has planned to use a range of new technology batteries. The new batteries will likely be made-up of Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) for the IMA platform. Furthermore, the carmaker has an intention to implement an AI-based battery management system. This will monitor the real-time management of battery and battery condition diagnosis.
The carmaker also has a slew of long-term plans for electrification. Hyundai will announce its tie-up with battery-developing firms like Solid Power and SES for solid-state and Lithium-ion batteries. The carmaker has slated its plans for the new Hydrogen technology to be unveiled at the Consumer Electronics Show (CES 2024).
The EV Line-up of Hyundai India
The current line-up of Hyundai comprises 2 electric vehicles namely the ioniq5 and Kona. While the Kona is priced at Rs. 23.84 Lakhs, the ioniq5 is priced at Rs. 45.95 Lakhs Ex-showroom. The sister brand, Kia also sells the EV6 in India being retailed at Rs. 60.95 Lakhs Ex-showroom.
Official Statement
“The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide,” said President and CEO Chang. “As it originated from Pony, the IONIQ 5 N—a high-performance EV scheduled for unveiling in July—will embrace and carry forward the enduring heritage of Hyundai Motor Company.”