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The plan underscores efforts by Hyundai to turn out to be a serious participant within the international EV market, as automobile makers world wide are pouring billions of {dollars} of funding to enhance battery know-how, which retains EV costs excessive in contrast with combustion engine fashions.
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Hyundai hopes its Electric Global Modular Platform (E-GMP) will enable it to make use of its personal battery tech
South Korea’s Hyundai Motor Group stated on Wednesday it can introduce an electrical vehicle-only platform early subsequent yr that may use its personal battery know-how to chop 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 world wide 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 produce extra manufacturing of the important thing auto element in-house to decrease EV costs to $25,000 every.
Hyundai expects its devoted Electric Global Modular Platform (E-GMP) will enable it to make use of its personal battery module know-how throughout varied EV fashions and minimize the variety of elements by 60%.
“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 an announcement.
An electrical car based mostly on E-GMP will provide driving vary of 500 kms (310 miles) or extra on a single cost, an enchancment of at the very least 23% from the Kona EV, the longest driving vary mannequin amongst Hyundai’s EV lineups.
Hyundai Motor and its sister firm Kia Motors collectively purpose 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 underneath the Ioniq model from early subsequent yr to spearhead its near-term transition towards EV manufacturing.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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