Aiming to Become World's 2nd Largest EV Producer
With Hyundai Motor Co. aiming to become the second-largest player in the global electric vehicle (EV) market in 2025, the other Hyundai Motor Group subsidiaries are reforming themselves to work more on auto parts to replace conventional auto parts.
For example, the group announced on Oct. 27 that Hyundai Wia recently formed a task force to develop a heat management module as a main EV component and the module is scheduled to be manufactured in 2023 and later. Hyundai Wia’s heat management system is expected to be specialized for use in green cars as a system controlling the temperatures of battery devices and drive devices such as motors, inverters and decelerators.
EV heat control is a promising business in that it is more expensive and requires many more components than heat control in conventional vehicles. Hyundai Wia is currently producing engines, axles, constant-velocity joints, four-wheel drive systems, and the like.
Hyundai Mobis is scheduled to produce motor modules and battery modules to be applied to the group’s 334,000 EVs to be produced from 2021 to 2023. Hyundai Mobis started the construction of an EV component manufacturing plant in Ulsan City in August this year.
The 334,000 EVs are expected to come in seven models based on the group’s Electric-Global Modular Platform (E-GMP). The group is planning to release 16 Hyundai and Genesis EV models and sell at least 560,000 EVs worldwide until 2025.