 "Hyundai, Hyundai Motor")
As global demand for electric vehicles grows faster than earlier estimates, Hyundai Motor Company has revised its sales target for the same. The company now aims to sell two million electric vehicles by 2030, Moneycontrol (MC) reported.
To this end, the company will invest $85 billion over the next ten years to achieve this target. New manufacturing plants will also be set up that will dedicatedly cater to EV production. The MC report said that many of these plants would increase their production capacity by leveraging Hyundai's existing internal combustion engine (ICE) production line.
The latest goal of the South Korean car manufacturer is an update from its earlier target of selling 1.87 million EVs by 2030. If this target is achieved, Hyundai's EV sales will grow four times from 8 per cent this year to 34 per cent in 2030, the report said.
President and CEO of Hyundai, CEO Jaehoon Chang, was quoted in the MC report as saying, "The value of cultivating human-centred innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide."
To fuel its journey towards electrification, Hyundai is also developing next-generation batteries that can support long-range travel and charge quickly.
Besides this, Hyundai Motor also plans to localise its operations in the US market, where the shift to electric vehicles is happening at a brisk rate. The current levels of localisation stand at just 0.7 per cent, which the company wants to take to 75 per cent, the MC report said.
