Hyundai To Invest $85 Billion Into Mobility Business; Details New IMA EV Platform

Hyundai Motor Company unveiled its plans to accelerate its development of EVs at its 2023 CEO Investor Day in Seoul. Calling its new strategy the 'Hyundai Motor Way', the company plans to invest a substantial Korean Won (KRW) 109.4 trillion ($85 billion) over the next 10 years as it pushes ahead with its transformation into a smart mobility provider.

Of the KRW 109.4 trillion, KRW 35.8 trillion is dedicated to electrification with Hyundai setting an ambitious target of achieving annual sales of 2 million electric vehicles (EVs) by 2030. Key to this development is an all-new scalable EV platform called IMA that will underpin no less than 13 new EVs from the Hyundai Motor Group by 2030. These will include models from Hyundai, Kia and Genesis and will replace the current e-GMP platform.

The current e-GMP platform will make way for a new scalable IMA platform

The new platform will facilitate the standardisation of modules and parts across different models, leading to economies of scale and significant cost reductions in EV development. Hyundai says that unlike the current system where parts can only be shared among vehicles with the same platform, IMA will allow for over 80 common modules to be used across various segments and vehicle types, resulting in greater flexibility, efficiency, and cost savings. The second-generation platform will cover a wide range of vehicle classes, including small and large SUVs, pickup trucks, and flagship models from the Genesis brand.

Hyundai Motor is actively exploring different battery solutions for the second-generation platform, including next-generation NMC and LFP batteries. The company is also considering various form factors of batteries to enhance versatility. In addition, Hyundai plans to incorporate cutting-edge technology that enables battery charging and discharging while driving, using an independent power bank, to further extend the driving range.

The new platform developments will go hand in hand with advances in battery technology. Hyundai says that KWR 9.5 trillion of its investment into EVs will go into battery production and development as well as into external collaborations.

Hyundai says it plans to invest KWR 35.8 trillion into fast tracking its EV development.

To meet the production demand for EVs, Hyundai also revealed a two-pronged expansion plan. Aside from establishing dedicated EV facilities, the carmaker would also look to convert existing internal combustion engine (ICE) production lines to manufacture electric vehicles. The company said that new dedicated EV plants would be established in regions with high demand for EVs while the focus on converting ICE lines to produce EVs would help cater to the demands of smaller markets.

On the technology front, the company said that its IONIQ 5-based self-driving robotaxi business Motional would go into service by end-2023. The service would become operational in Las Vegas this year with plans to expand it across the globe. The company also said that 42dot, the autonomous tech firm acquired by the company in 2022, would roll out its own software platform by 2024 with plans to convert it into a self-driving purpose-built vehicle business by 2027.