Producing More Electric Cars: Hyundai-Kia Motors to Increase Annual EV Production to 100,000 Units | BusinessKorea

Monday, November 20, 2017

Hyundai Motor and Kia Motors have decided to increase production of its Kona and Niro electric vehicles (EVs) to be released next year by 20,000 units each, compared to the initial plans.
Hyundai Motor and Kia Motors have decided to increase production of its Kona and Niro electric vehicles (EVs) to be released next year by 20,000 units each, compared to the initial plans.
SEOUL,KOREA
24 October 2017 - 12:15pm
Jung Min-hee

Hyundai Motor and its smaller affiliate Kia Motors have decided to increase production of its Kona and Niro electric vehicles (EVs) to be released next year by 20,000 units each, compared to the initial plans.

Including the Ioniq EV and the Soul EV as well as the Sonata and the K5 plug-in hybrid electric vehicle (PHEV), the combined EV production of the two companies will surpass 100,000 units next year. Accordingly, Hyundai-Kia Motors is expected to boost its EV production quickly and to strengthen its position as the second largest in the rapidly changing global eco-friendly car market, running Toyota, number one in the market, close.

According to industry sources on October 23, Hyundai Motor and Kia Motors set their annual production of the Kona EV and the Niro EV to be launched next year at 18,600 and 21,000, respectively. The figures grew 38 percent and 66 percent, respectively, compared to their earlier plans last year.

The Hyundai-Kia Motors’ latest move to increase annual production was largely due to learning effect of the existing Ioniq Electric. Hyundai Motor set the monthly production of the Ioniq Electric at 1,000 in June last year but increased it to 1,800 as the demand became higher than expected. However, the product is still on back order and the company has had problems with the supply to this day even a year passed after the release. The Ministry of Environment, which is responsible for the spread of EVs in the private sector, pointed out that Hyundai Motor’s lack of supply is the cause of failure to achieve the last year’s target number of EVs that was planned to supply.

As Hyundai Motor and Kia Motors have decided to significantly increase the number of new EV production next year, their annual EV production, excluding hybrid cars, will exceed 100,000 units next year. The two companies currently manufacture 20,000 units of the Ioniq Electric and Soul EV a year. They produce 40,000 units of the Ioniq, Niro, Sonata, K5 PEHVs a year. Their total EV production will surpass 100,000 units as the annual production of the Kona EV and Niro EV to be released next year will reach 40,000 units.

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