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Hyundai Motor makes major push into electric

12/02/2020 | 10:15am EST

A strategic change is underway at South Korea's Hyundai.

It said on Wednesday (Dec 3) it will introduce an electric vehicle-only platform early next year.

And will use its own battery technology to cut production time and costs.

The plan underscores efforts by the world's No.5 auto group to become a major player in the global EV market.

Car makers around the world are pouring billions of dollars of investment to improve battery technology.

That's kept EV prices high compared with combustion engine models.

Market leader Tesla said in September it aims to halve the cost of its EV batteries and bring more production of the key auto component in-house to lower EV prices to $25,000 each.

Hyundai expects its dedicated Electric Global Modular Platform will allow it to use its own battery module technology across EV models

and more than halve the number of components.

It's also aiming to offer a driving range of 500 kms or 310 miles or more on a single charge.

That's an improvement of at least 23% from its Kona EV, the longest driving range model among Hyundai's EV lineups.

However, Hyundai's said it doesn't see the need to make its own battery cells and is content with its suppliers

Hyundai Motor and its sister company Kia Motors together aim to sell 1 million EVs in 2025.

That would help them become the world's third-largest seller of electric vehicles.

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -2.27% 17250 End-of-day quote.8.15%
HYUNDAI MOTOR COMPANY -4.19% 240000 End-of-day quote.25.00%
KIA MOTORS CORPORATION -3.66% 71100 End-of-day quote.13.94%
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