Discloses EV Competitiveness Enhancement Plan
Hyundai Motor Co. said on April 22 that it expects the ongoing production disruptions stemming from a semiconductor shortage to continue or worsen in May.
"It is difficult to predict our situation after May because the supply of semiconductors is changing rapidly," said the company's vice president Seo Kang-hyun at a conference call on first quarter earnings.
On the same day, Hyundai Motor laid out a plan to enhance the competitiveness of its electric vehicle (EV) models in the mid- to long-term.
The most noticeable part is a battery development schedule. Hyundai Motor said it will replace the current third-generation lithium-ion battery, which has an energy density of 600 Wh per liter, with fourth-generation batteries with an energy density close to 700 Wh per liter in 2023, and introduce the fifth-generation batteries (700Wh per liter) in 2025. That is to say, the mileage of EVs will increase by about 16 percent from the current level in 2025.
The company expects to start pilot production of EVs equipped with all-solid batteries in 2025, to begin preparations for mass-production in 2027, and to start volume production in 2030. “We will not directly produce all-solid batteries.” said a company official. “We will internalize the technology, not production.”
Hyundai Motor’s goal is to sell 560,000 EVs in 2025, which is five times higher than its sales in 2020 and 3.5 times higher than this year's sales target of 160,000 units. To this end, the carmaker is planning to increase its EV lineup from current eight models to more than 13 by 2025.
Hyundai Motor expects global EV production to reach 18 million units in 2025. Based on the forecast, Hyundai Motor and Genesis aim to boost its share to 5 percent of the global EV market. When Kia Corp.’s goal is included, Hyundai Motor Group’s overall goal is to take up 8 percent of the electric vehicle market.