Hyundai raises EV sales goal to 2 million by 2030

Hyundai said it will sell 2 million electric vehicles annually by 2030, raising its forecast from 1.87 million a year ago, as demand for clean-energy cars continues to surge.

The South Korean automaker also plans to spend about 109 trillion won (€77.5 billion) to boost production and make progress in areas such as hydrogen cars, it said in a statement on Tuesday.

The investment pledge from the world’s third-biggest carmaker follows Toyota laying out an ambitious plan to sell 1.5 million battery EVs by 2026. Ford is pursuing a radical restructuring with ambitions to make 2 million EVs a year by 2026.

Hitting the new goal would mean Hyundai’s EVs, including luxury brand Genesis, account for 18 per cent of its global sales in 2026 and 34 per cent in 2030, the company said. They will make up 53 per cent of its sales in three key markets – Korea, the US and Europe – by the end of the decade. Volkswagen AG expects electric-battery vehicles to account for 20 per cent of its global sales by 2025.

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Hyundai and Kia have sold around 109,000 EVs this year, placing them fifth in the global industry, according to Bloomberg data.

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 being built in the state of Georgia in the second half of next year, chief executive Jay Chang said at an annual event for investors Tuesday. – Bloomberg