Hyundai Motor aims to triple EV sales by 2025

Hyundai Motor and Kia headquarters in Seoul / Courtesy of Hyundai Motor Group

By Kim Hyun-bin

Hyundai Motor officially announced its intention to internalize production of its own electric vehicle (EV) batteries that have optimized performance and price and its goal to triple EV sales by 2025.

“We are planning to internalize development of both the lithium batteries and next-generation batteries,” Koo Za-yong, senior vice president and head of investor relations at Hyundai Motor, said during the company’s conference call after releasing its second-quarter earnings, Thursday. “We plan to cooperate with the three local battery companies as well as foreign companies to develop an optimized battery that fulfills market requests.”

The company is working to enhance solid-state batteries’ safety, mileage and charging time, Koo said, adding that it will start a trial run of mass-producing the EV batteries by 2025 with a goal to officially enter mass production by 2030.

Hyundai Motor believes the global EV demand will be much greater than the current predictions that demand will exceed 10 million EVs by 2025.

The company plans to diversify its EV lineup to keep up with the changing market trends. The company unveiled the IONIQ 5, its first vehicle using the E-GMP EV platform, earlier this year and plans to release the upgraded IONIQ 6 next year.

“We plan to implement our E-GMP base in sedans, medium-size to large vehicles and even SUVs to diversify the lineup and to better meet customers’ needs,” said Kim Tae-yeon, vice president and head of the EV business strategy group at Hyundai Motor. “This year we plan to sell 160,000 EVs from eight different models including the Genesis EV. We aim to expand to 12 models and sell 560,000 by 2025.”

To strengthen the EV sector, the company plans to expand charging infrastructure, including super charging and other charging facilities suitable for apartments, as well as establishing a quality standard.

Hyundai Motor recorded sales worth 30.32 trillion won and an operating profit of 1.88 trillion won in the second quarter, according to the company’s regulatory filing released Thursday.

Hyundai Motor aims to triple EV sales by 2025

Hyundai Motor recorded 1.98 trillion won ($1.7 billion) in second-quarter net income, up 425.5 percent from a year earlier. The operating profit spiked 219.5 percent compared to 590.3 billion won the year before. Revenue also increased 38.7 percent to record 30.32 trillion won.

Kia also released its second-quarter earnings, Thursday, recording overall sales of 18.33 trillion won and operating profit of 1.48 trillion won, year-on-year rises of 61.3 percent and 924.5 percent respectively.

Local sales dropped by 8.2 percent selling 148,309 vehicles, but the 70.9 percent surge in global sales of over 605,000 vehicles was attributed to the spike in profitability for Kia.

“Sales surged drastically compared to the same period last year due to the base effect from last year’s COVID-19 and global sales recovery. Operating profit was hit by chip shortages and unfriendly exchange rates but an increase in sales volume led to profitability,” a Hyundai Motor official said. “However, although the chip shortages is easing, some semiconductors will be in short of supply through the third quarter and it is expected to take some time to normalize operations.”


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