Hyundai To Invest 25 Billion Euros In Electric Vehicles To Compete Volkswagen
Korean carmaker Hyundai has announced massive investments in building its own fleet of electric vehicles. The company wants to pump the equivalent of over 25 billion euros into electric cars. With this, you want to develop a new platform and batteries.
As announced by Nikkei Asia, Hyundai plans to invest a total of 109.4 trillion won by 2032, equivalent to almost 77.9 billion euros. The Group is once again increasing its spending over previous announcements.
New EV platform for cost reduction and mass production
A large part of the money is to flow into the expansion of the product portfolio of electric cars. By 2032, it should be more than 25.4 billion euros that Hyundai intends to spend in the field of electromobility. Among other things, Hyundai is investing money in the development of a modularized EV platform as well as the expansion of production and the development of batteries for its vehicles.
One wants to develop the so-called Integrated Modular Architecture (IMA) in order to significantly reduce costs through the mass production of identical components and modules. At the same time, the aim is to speed up the development of batteries for the next generation of electric cars.
According to Hyundai, it relies on cooperation with external partners such as LG Energy Solution and SK On from South Korea and Seoul National University as well as on internal initiatives with which advanced designs are to be put into practice. The internal and external approaches should also be used for material procurement, the design of battery cells, and the development of next-generation batteries, it said.
The market for electric cars is highly competitive due to the persistently difficult economic situation. Various manufacturers – above all Tesla – are trying to lure potential customers with price reductions. Only recently, Toyota, the world’s largest car manufacturer, announced extensive investments in EVs, in the context of which they want to be able to offer the first models with so-called solid-state batteries from 2027.
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