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South Korea’s Hyundai Motor Group stated on Wednesday it should introduce an electrical vehicle-only platform early subsequent 12 months that may use its personal battery know-how to reduce manufacturing time and prices.
The plan underscores efforts by the world’s No.5 auto group to turn out to be a serious participant within the international EV market, as automobile makers around the globe are pouring billions of {dollars} of funding to enhance battery know-how, which retains EV costs excessive in contrast with combustion engine fashions.
Market chief Tesla stated in September it goals to halve the price of its EV batteries and convey extra manufacturing of the important thing auto part in-house to decrease EV costs to $25,000 (roughly Rs. 18,000 lakhs) every.
Hyundai expects its devoted Electric Global Modular Platform (E-GMP) will permit it to use its personal battery module know-how throughout varied EV fashions and reduce the variety of elements by 60 p.c.
“E-GMP will be highly effective in expanding the Group’s EV leadership position as it will enable the company to enlarge its EV line-up over a relatively short period through modularisation and standardisation,” it stated in a press release.
An electrical car based mostly on E-GMP will provide a driving vary of 500 kms (310 miles) or extra on a single cost, an enchancment of no less than 23 p.c from the Kona EV, the longest driving vary mannequin amongst Hyundai’s EV lineups.
However, Hyundai’s R&D chief Albert Biermann stated the corporate does not see the necessity to make its personal battery cells and is content material with cooperating with its suppliers together with SK Innovation and LG’s LG Energy Solution.
Hyundai Motor and its sister firm Kia Motors collectively goal to promote 1 million EVs in 2025 to turn out to be the world’s third-largest vendor of EVs.
It has promised 23 new EVs together with 11 all-electric fashions by 2025 and plans to introduce a household of EVs below the Ioniq model from early subsequent 12 months to spearhead its near-term transition towards EV manufacturing.
© Thomson Reuters 2020
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