Hyundai Eyeing 2M Global Annual BEV Sales

Hyundai’s electrification strategy envisages it selling nearly two million BEVs annually by the end of the decade.

The ambitious, if not impossible in many experts’ eyes, target was presented by its president and CEO Jaehoon Chang at the ‘2022 CEO Investor Day’ virtual forum. The automaker believes its roadmap will be achieved by:

  • Strengthening BEV line-ups;
  • Optimizing manufacturing capacity;
  • Securing hardware and software competitiveness.

It says this plan will see it boost annual global BEV sales to 1.87 million units and secure a 7% level of global market share by 2030. The company has earmarked KRW 95.5Trn ($79.2Bn) of investment for future businesses by 2030, including KRW 19.4 trillion for electrification and KRW 12 trillion for software capabilities.

Hyundai Motor raised the annual BEV sales target to 1.87 million units by 2030 from previously announced 560,000 units by 2025. The company aims to take 7 percent market share in the overall global BEV market.

BEV line-ups

The strategy sees the automaker introduce 17 BEV models; 11 Hyundai marque models along with six models from Genesis luxury brand by 2030. The new Hyundai BEV models will include three sedan models, six SUVs, one light commercial vehicle as well as one new type model. This year, Hyundai begin sales of Ioniq 6, followed by Ioniq 7 in 2024.

With its Genesis luxury brand, the BEV line-up consists of two passenger cars and four SUVs, including the Electrified GV70 launching this year. Starting in 2025, all newly launched models from Genesis will be electrified.


Hyundai aims to establish a high efficiency manufacturing process for BEV production beginning with the Hyundai Motor Global Innovation Center in Singapore, which will build a human-centered manufacturing innovation platform. The platform is expected to bring extra production efficiency through a flexible production system, advanced automation and digital twin technology. The innovation will be expanded to global plants in the future. It also plans to gradually expand its BEV manufacturing bases, starting with an Indonesian plant that recently started operation.

Hyundai said it will diversify battery sourcing to boost the competitiveness of future BEVs. The company plans to continue cooperation with various battery companies with an aim of securing 170 GWh of batteries for its models, including Genesis luxury brand by 2030.

Hardware and software

Hyundai plans to introduce an Integrated Modular Architecture (IMA), evolved from the electric global modular platform (E-GMP) that is the foundation of Ioniq 5 and GV60, launched in 2021. The IMA will be used not only to as Hyundai’s passenger BEV platform but also as its exclusive purpose-built vehicle (PBV) platform, helping to streamline production processes and reduce cost. The platform is being developed to standardize chassis, battery system and motor.

With software, the company plans to apply an over-the-air (OTA) update to new models that will be launched starting at the end of 2022 and expand it to all Hyundai models by 2025. In addition, the number of integrated control units can be reduced by one-third by 2030.

In terms of autonomous driving technology, the Highway Driving Pilot (HDP), a Level 3 autonomous driving function, will be applied to Genesis G90 starting in the second half of this year. The Motional, the autonomous driving joint venture between Hyundai and Aptiv, plans to expand the service area of an Ioniq 5-based robo-taxi following its commercial service commencement in 2023 and start self-driving delivery services this year through partnerships with Uber Eats.

Chang said: “Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic. Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘Mobility Solutions Provider’ through advanced technologies of not only hardware but also software.”

— Paul Myles is a seasoned automotive journalist based in Europe. Follow him on Twitter @Paulmyles_

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