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Hyundai Motor revealed its strategy till 2025. Auto Giant planned to launch 44 electric vehicles by 2025, which includes BEV and plug-in hybrid models.
The OEM has the plan to invest around 100 trillion Korean Won over the next five years, with an annual investment of 20 trillion Won.
Explaining the product strategy for electrified automobiles, Executive Vice Chairman of Hyundai, Euisun Chung said, "To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated BEV models, by bolstering the development of EV platforms and core components.”
A list of vehicles includes 13 hybrid cars, 6 plug-in hybrids and two fuel cell electric vehicles. The Battery Electric Vehicles (BEV) lineup will increase to 23 cars by 2025, from 2019's 9 models. The first dedicated BEV from Hyundai is expected to launch in 2021.
Hyundai is working on a new EV architecture platform development system, which will be applied to its cars from 2024.
In 2020, Hyundai Group plans to increase the sales of its EVs by adding more hybrid and plug-in hybrid variants of the popular SUVs like Hyundai Tucson and Santa Fe.
Apart from that, the automaker is likewise betting huge on fuel cell technology. It signed a settlement with Cummins in September 2018 to mutually increase and commercialize electric powered and fuel mobile powertrains, which are predicted to move on sale in 2020.
The organization plans to supply fuel cell technology to the transport sector. It goals to deliver round 2 lakh fuel cell systems per year by using 2030. Also, the organization has the plan to set up an FCEV production facility in South Korea with a purpose to have 5 lakh units consistent with annum production capacity.
Considering these plans, we can expect that Hyundai planned to take a big pie in India's electric car market. Though all vehicles may not make it to India but considering growth in the Indian EV market Hyundai will be the first mover to start its aggressive marketing.