Hyundai Motor Company recently updated its "Strategy 2025" business plan and the good news is that, despite the 2020 year being heavily impacted by the COVID-19, EV targets remain the same as a year ago.

The company intends to gradually increase its all-electric car sales to 560,000 annually by 2025 and capture an 8-10% share of the global EV car sales (compared to its 5% share right now of the overall market).

Targets:

  • BEVs: 560,000
  • FCVs: 110,000 (about one-fifth of BEVs)
  • PHEVs: an undisclosed number
  • Total 670,000 annually

It's the first step of a broader move to retire completely from ICE-only cars by 2040 in major global markets.

"In mid- to long-term, Hyundai aims to secure leadership in the EV market and achieve 8-10 percent share of global EV market by 2040. Starting from 2030, the company will gradually expand BEV offerings in key markets such as the U.S., Europe and China, eventually aiming to fully electrify its product lineup in major global markets by 2040. It will also support democratization of EVs in emerging markets such as India, Russia and Brazil with more diverse EV models."

On the BEV front, more than 12 new models will be offered by 2025, including all-new ones, based on the E-GMP platform. The first new contender will be the Hyundai Ioniq 5, scheduled for 2021.

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