Hyundai Motor Company CEO, Chang Jae-hoon, said to Automotive News that the company raised its EV production targets to 1.7 million units by 2026, up from the previous goal of 1 million.
In order to facilitate this, the South Korean corporation will be investing more into its EV segment and designing another new architecture to base these cars upon, which will be used alongside the current E-GMP.
Apparently, the company executives are convinced that EV sales will continue growing year-to-year. In 2021, Hyundai expects to have sold 140,000 battery cars, while the plan for 2022 is 220,000 units (including the Genesis sub-brand).
In order to achieve the set goals, the automaker will be investing up to $7.4 billion USD into upgrading its EV production lines in the United States, with the primary intention of increasing production capacities. There will be other priorities as well.
All eco-friendly Genesis, Hyundai and Kia vehicles of today come based on the same technical basis known as the E-GMP. In five years, Hyundai alone expects to have 13 such models in its lineup. No technical data about the platform itself or its associated cars exists to date.
The all-electric Ioniq 6 sedan will be Hyundai’s next new car to debut. A large battery SUV called Ioniq 7 will join it in two years’ time, based on the recently shown Hyundai Seven Concept (watch the video for a reminder).