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Hyundai Motor to invest 60 tln won by 2025 for EV growth

All News 14:33 December 10, 2020

SEOUL, Dec. 10 (Yonhap) -- Hyundai Motor Co., South Korea's biggest carmaker by sales, said Thursday it will invest 60.1 trillion won (US$55.5 billion) by 2025 for future mobility to gain a bigger share in the rapidly evolving global automobile markets.

Hyundai Motor will strengthen its electrified vehicle lineup to achieve a market share of 8 to 10 percent of the global electric vehicle (EV) market by 2040, the company said in a statement.

The company plans to launch the Ioniq 5, the first all-electric model based on its own EV platform called the electric-global modular platform (E-GMP), next year, it said.

The new EV model can be fully charged in 18 minutes and can travel up to 450 kilometers on a single charge.

Hyundai plans to launch more than 12 E-GMP-based models by 2025, with an aim to sell 560,000 EV models a year, the statement said.

Currently, Hyundai sells two all-electric models, the Kona EV and Ioniq Electric.

The maker of the Sonata sedan and the Palisade SUV also targets winning a market share of 5 percent in the world's automobile markets by 2025 and achieving an operating profit margin of 8 percent, it said.

kyongae.choi@yna.co.kr
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