Hyundai is accelerating its shift to EVs as demand continues constructing. The South Korean automaker introduced it should halt operations at two engine components vegetation because it transitions its community from ICE autos.
After hitting its highest exports ever final month, Hyundai is doubling down on EVs. The automaker’s exports surged practically 30% YOY in a record-setting efficiency.
Hyundai credited the expansion to the rising recognition of its electrical fashions. New EVs primarily based on its E-GMP platform are serving to enhance its gross sales combine.
Devoted EVs just like the IONIQ 5 electrical SUV, IONIQ 6, and Kia EV6 had been a giant motive for the expansion.
The corporate mentioned its electrical fashions are “enjoying a significant function” in serving to safe management within the world EV market. Within the US, Hyundai and Kia had their finest November gross sales months ever, with 16 straight months of year-over-year (YOY) progress.
In keeping with registration information, Hyundai and Kia ranked second in US EV gross sales, behind solely Tesla in Q3. Hyundai and Kia accounted for 7.5% of the market, topping GM’s Chevy (5.9%) and Ford (5.5%).
The uptick comes regardless of Hyundai EVs not qualifying for the $7,500 EV tax credit score (solely by leasing).
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Hyundai fast-tracks shift to EVs
Hyundai broke floor on its huge $1.5B devoted EV plant in Ulsan final month. The Ulsan complicated is Hyundai’s largest manufacturing website. As soon as mass manufacturing begins in 2026, the brand new plant will be capable of produce 200,000 EVs a 12 months.
The corporate mentioned Ulsan will “lay the muse for future progress within the period of electrification.” Final month, Hyundai introduced it might droop operations at its most important plant in South Korea to give attention to development.
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In keeping with a brand new Reuters report, Hyundai is shutting down operations at two engine components vegetation within the area subsequent 12 months because it appears to be like to hurry up the shift to EVs.
The engine components vegetation have been in operation since 1991. In keeping with the report, they are going to be shut down in January and October.
A Hyundai spokesperson mentioned it was outsourcing some engine elements manufacturing for now.
![Hyundai-shift-EVs](https://electrek.co/wp-content/uploads/sites/3/2023/11/Hyundai-IONIQ-7-electric-SUV.jpg?quality=82&strip=all&w=1024)
Electrek’s Take
Whereas a number of automakers are slowing their transition to electrical, Hyundai is doubling down. The automaker sees the course that the trade is headed and needs to get forward of the curve.
Hyundai goals to be a prime three EV producer globally by 2030, with 31 whole all-electric fashions.
Subsequent 12 months, Hyundai is anticipated to launch its first three-row electrical SUV, the IONIQ 7 (idea pictured above), because it expands into new markets. It’s additionally reportedly creating a less expensive IONIQ 2 EV to take a seat beneath the IONIQ 5.
With new EV fashions in key markets, Hyundai can be a model to look at over the following few years.
What do you guys assume? Can Hyundai be a prime three EV maker by 2030? Tell us what you assume within the feedback.
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