Hyundai planning 17 new EVs and new electric car platform in £12bn electric drive

Hyundai is investing £12bn in a big electric push with 17 new EVs and a new EV Platform in a bid to hit annual EV sales of 1.87 million by 2030.

Hyundai is already delivering convincing electric cars to the market – first with the electric Kona and now with the current EV pick, the Ioniq 5 – but it’s not content to just deliver a couple of EVs to market, however good they are, and has plans to roll out 17 new electric cars as part of a £12bn electric car push.

A key part of the EV push is a new EV platform, due by 2025, which will replace Hyunida’s current EV-specific E-GMP Platform – which underpins the Ioniq 5 – with a new integrated Modular Architecture (IMA) which will come with standardised battery cell to pack units which can be more easily integrated according to need, improving both energy density and charging times.

The new IMA Platform will see Hyundai roll out 17 new EVs, of which 11 will be Hyundais and six Genesis models, by the end of the decade. Of the 11 Hyundai EVs, six will be SUVs and of the Genesis EVs four will be SUVs. Which isn’t exactly shocking news.

To cope with this rapid, and expensive, transition to EVs, Hyundai plans to establish a new manufacturing process for BEVs, which will enhance efficiency, automation and flexibility, at their Singapore Innovation Centre before rolling it out globally. 

Of course, all these EVs will need batteries, and Hyundai says it will get half its needs for next-gen lithium-ion batteries from new partnerships, and hints at the arrival of Solid State batteries too.

Hyundai CEO Jaehoon 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.

Interestingly, whilst confirming OTA for software, Hyundai also says revenue from software-related businesses will account for 30 per cent of sales after 2030.