Hyundai doubles down on shift to EVs with plans to close down two engine elements vegetation

Hyundai is accelerating its shift to EVs as demand continues constructing. The South Korean automaker introduced it is going to halt operations at two engine elements vegetation because it transitions its community from ICE autos.

After hitting its highest exports ever final month, Hyundai is doubling down on EVs. The automaker’s exports surged practically 30% YOY in a record-setting efficiency.

Hyundai credited the expansion to the rising reputation of its electrical fashions. New EVs primarily based on its E-GMP platform are serving to enhance its gross sales combine.

Devoted EVs just like the IONIQ 5 electrical SUV, IONIQ 6, and Kia EV6 have been a giant cause for the expansion.

The corporate stated its electrical fashions are “taking part in a significant function” in serving to safe management within the international EV market. Within the US, Hyundai and Kia had their greatest November gross sales months ever, with 16 straight months of year-over-year (YOY) progress.

In response to registration knowledge, Hyundai and Kia ranked second in US EV gross sales, behind solely Tesla in Q3. Hyundai and Kia accounted for 7.5% of the market, topping GM’s Chevy (5.9%) and Ford (5.5%).

The uptick comes regardless of Hyundai EVs not qualifying for the $7,500 EV tax credit score (solely by way of leasing).

Hyundai fast-tracks shift to EVs

Hyundai broke floor on its large $1.5B devoted EV plant in Ulsan final month. The Ulsan advanced is Hyundai’s largest manufacturing web site. As soon as mass manufacturing begins in 2026, the brand new plant will be capable to produce 200,000 EVs a 12 months.

The corporate stated Ulsan will “lay the muse for future progress within the period of electrification.” Final month, Hyundai introduced it will droop operations at its predominant plant in South Korea to give attention to development.

In response to a new Reuters report, Hyundai is shutting down operations at two engine elements vegetation within the area subsequent 12 months because it seems to hurry up the shift to EVs.

The engine elements vegetation have been in operation since 1991. In response to the report, they are going to be shut down in January and October.

A Hyundai spokesperson stated it was outsourcing some engine parts manufacturing for now.

Electrek’s Take

Whereas a number of automakers are slowing their transition to electrical, Hyundai is doubling down. The automaker sees the path that the trade is headed and desires to get forward of the curve.

Hyundai goals to be a high three EV producer globally by 2030, with 31 whole all-electric fashions.

Subsequent 12 months, Hyundai is predicted to launch its first three-row electrical SUV, the IONIQ 7 (idea pictured above), because it expands into new markets. It’s additionally reportedly creating a cheaper IONIQ 2 EV to take a seat under the IONIQ 5.

With new EV fashions in key markets, Hyundai will probably be a model to look at over the following few years.

What do you guys assume? Can Hyundai be a high three EV maker by 2030? Tell us what you assume within the feedback.