Hyundai has outlined a roadmap of its global electric vehicle strategy which includes electrification and expansion of its current offering while introducing new electric cars in the global markets utilising one common platform. This plan also includes emerging markets, namely, India and Indonesia. The automaker now wants to enhance competitiveness with a versatile product line-up. It aims to have over twelve electric cars in the inventory and a target of selling 560,000 models by 2025.
The carmaker will utilise a new scalable wheelbase Electric-Global modular platform (E-GMP) across its line-up until 2025. It can be used to make sedans, SUVs and hatchbacks too. Besides, this architecture has a claimed range of 500km. Hyundai has already begun using this battery-only electric vehicle architecture in the recently revealed Ioniq 5. Additionally, there will be the Ioniq 6 sedan in 2022. Moreover, Hyundai’s luxury arm Genesis also intends to reveal a pure electric vehicle next year.
On the other hand, Hyundai says it will prepare for the mass production of solid-state batteries in 2027. The solid-state battery claims better energy density, and it is said to increase an EV range by almost double-digit and it is also argued to enable more energy storage. Meanwhile, BMW is also planning to showcase a solid-state battery prototype by 2025 and there is said to be a production-ready version in 2030.
The Indian automobile market is the fourth largest in the world, however, it is still considered as one of the emerging markets for electric vehicles. Hyundai intends to target emerging markets through its global EV strategy, especially India, Indonesia, Malaysia etc. Besides, the automaker already sells the Kona electric in India and the car comes with a home charging kit too.
To become successful in emerging markets, Hyundai intends to expand its line-up of electric cars, and also wants to grow the domestic fast-charging network. To control the cost of electric vehicles and keep the prices lower than competitors, Hyundai will ponder manufacturing key components in the emerging markets, in particular India as the brand is said to focus on affordable EV models for such markets. Furthermore, SUVs are gaining popularity in India and Hyundai is leading most of the segments. Hence the E-GMP has the potential to accommodate any car type, the existing Venue and Creta probably be turned into pure EVs.
However, everything would depend upon market and government policy. Although the company is aiming to target some emerging markets, it does not have a clear plan. The automaker is to observe the market situation, trend and government policy to decide whether to launch an electric car.