Hyundai Motor Company has raised its 2030 electric vehicle sales goal to 2 million, up from 1.87 million. The South Korean automaker said it would invest about 109 trillion won ($85 billion) to boost production and progress in areas such as hydrogen cars, EV batteries and software for future mobility.
The move comes as demand for electric vehicles continues to surge worldwide. In 2022 global EV sales expected to reach 9 million up from 6.6 million in 2021. Hyundai is not the only automaker that is raising its EV sales goals. Toyota Motor Corp. plans to sell 1.5 million battery electric vehicles by 2026, and Ford Motor Co. aims to make 2 million EVs a year by 2026.
Chief Executive Jay Chang said at an annual event for investors, Hyundai is facing pressure in the US and Europe to increase domestic production of clean cars and reduce reliance on battery minerals and components made in China. The company aims to start mass production at its EV plant built in the state of Georgia in the second half of next year.
The rising demand for EVs is driven by several factors, including government regulations, concerns about air pollution and the increasing availability of charging infrastructure.
Hyundai’s new sales goal is ambitious but the company is well positioned to achieve it. The automaker has a strong lineup of electric vehicles, including the IONIQ 5 and IONIQ 6, and it is investing heavily in new technologies, such as solid-state batteries.
If Hyundai can achieve its sales goal, it will be a major step forward for the company and the global EV market.
What does this mean for the future of electric vehicles?
Hyundai’s decision to raise its EV sales goal indicates that the company is bullish on the future of electric vehicles. The automaker is betting that demand for EVs will continue to grow in the coming years and it is positioning itself to be a major player in the market.
This is good news for the global EV market. It means that more automakers committed to producing EVs and consumers will have more choices. This will help to drive down the cost of EVs and make them more accessible to a wider range of people.
As the EV market grows we will likely see even more ambitious sales goals from automakers. This is a positive development, as we are moving closer to a future where electric vehicles are the norm.