Eager for a dedicated battery platform, Hyundai plans for 2 million EVs globally by 2030, with more than 10% profit margin.
. LFP batteries are known for high safety performance, longer cycle life, and lower cost with no precious metals, according to smartpropel.com. Hyundai expects more than 10% profit margin for EVs by 2030.
Hyundai Motor Group has committed to investing KRW 35.8 trillion won in electric vehicles over the next decade, nearly one-third its expected overall automotive investment. It plans to sell 2 million EVs a year globally by 2030. While the company did not break out US or North American numbers for the same time period, it is well on its way to increasing localization of EVs sold in the US market to 75% “rapidly.” Currently, it builds 0.7% of the EVs it sells here in North America.
An EV-dedicated factory under construction in Korea will begin mass production in 2025 to serve both domestic and global demand for battery-electric cars and trucks. In the meantime, Hyundai says it currently builds EVs on mixed production lines for expediency and cost efficiencies.Along with all this R&D on battery-electric technology, Hyundai Motor says it continues to press on as a “global leader in commercializing hydrogen fuel-cell vehicles.
Flying cars remain in its future. Hyundai continues to develop advanced air mobility , working with itsbased in Washington, DC, to develop full-scale technology for “planning pilot-ridden test flights and securing the infrastructure for airframe manufacturing.” As for autonomous driving, Hyundai’s Ioniq 5-based driverless robotaxis, operated with joint venture Motional, are scheduled to launch in Las Vegas late this year. Motional is conducting pilot services with Uber and Lyft and has an agreement with Uber to develop a robotaxi business across the US over the next 10 years.Todd LassaAs a kid growing up in Metro Milwaukee, Todd Lassa impressed childhood friends with his ability to identify cars on the street by year, make, and model.
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