South Korean multinational automotive manufacturer, Hyundai Motor Group has vouchsafed its plan of action for the next five years. The company has already set a blueprint for its product which aims to carry off in the next five years. It intends to launch 44 electrified vehicles by 2025, including BEV and plug-in hybrid models. The automotive firm has planned to invest around 100 trillion Korean Won over the next five years, with annual investment amounting to 20 trillion Korean Won.
Euisun Chung, executive vice-chairman (EVC),
Hyundai Motor Group said, “To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated BEV models, by bolstering the development of EV platforms and core components.”
13 hybrid cars, 6 plug-in hybrids and two fuel cell electric vehicles are to be manufactured. The BEV lineup will increase to 23 cars by 2025, from 2019's 9 models. The first dedicated BEV from Hyundai will launch in 2021. At present, the company is working on a new EV architecture development system, which will be applied to cars from the year 2024.
For this year, Hyundai Group strategizes to boost the sales of its electrified vehicles, adding more hybrid and plug-in hybrid variants of the popular SUVs like Kia Sorento, Hyundai Tucson, and Santa Fe. Apart from magnifying its product portfolio, Hyundai is also focusing on betting big on fuel cell, technology, and mobility service business. It has in view the idea to set up an FCEV manufacturing facility in South Korea that will have 5 lakh unit per annum production capacity.
Last but not least, the company further plans to supply fuel cell technologies to the transport sector and aims to deliver around 2 lakh fuel cell systems for the next ten years.