- Hyundai plans to introduce two production lines dedicated to electric vehicles
- Hyundai sold 86,434 electric vehicle units last year
Hyundai Motor Company, one of the early adopters of hydrogen cars, has watched the electric rise of Tesla, including on its home turf. Hyundai now plans to go on an offensive in the battery-powered market. Reports indicate that Hyundai is looking at introducing two production lines dedicated to electric vehicles, one in 2021 and the other in 2024.
Euisun Chung, leader of the Hyundai Motor Group conglomerate that also includes Kia Motors, has also held a series of meetings since May with his counterparts at Samsung, LG and SK Group, which make batteries and electronic parts. It is believed that the talks were held to secure batteries at a time of tight supply as the race for EVs intensifies. Those manufacturers also supply to the likes of Tesla, Volkswagen and GM.
The report further reveals that Hyundai is collaborating with Korean battery suppliers ‘to scale up’ its electric car production efficiently. The moves indicate the carmaker is moving aggressively to expand its electric capacity, days after Chung announced on July 14 that Hyundai Motor Group aimed to sell 1 million battery EVs a year and grab a global market share of over 10 per cent by 2025.
Tesla delivered 3,67,500 electric vehicle units, while Hyundai Motor Group took second place with 86,434 electric vehicle unit sales. Volkswagen sold 73,278 electric vehicle units in the same period. More details in electric vehicle development will be known in the months to come.
