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Hyundai Motor plans 17 EVs, $16B investment by 2030

SEOUL — South Korea's Hyundai Motor Co said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. It also said it plans to introduce 17 EVs in that timeframe, six from Genesis and 11 from the Hyundai brand. Hyundai announced that three of those EVs would be sedans, along with six SUVs, a light commercial vehicle and one new type of model. It will begin sales of the Ioniq 6 later this year, followed by the Ioniq 7 in 2024. Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, targets to achieve a 7% market share in the global EV market by 2030, with an annual sales target of 1.87 million vehicles, the automaker said during a virtual investor day. The Seoul-based automaker said it aimed to achieve an operating profit margin of 10% or higher in EV business by 2030. "Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic," Hyundai Motor Chief Executive Officer Jaehoon Chang said. Analysts, however said Hyundai's $16 billion investment in EV business would not be considered an "aggressive" approach compared to its rivals, adding, the investment is easily dwarfed by bigger rivals including Toyota Motor Corp, which plans to invest 8 trillion yen ($69.43 billion) for electrification by 2030. "Hyundai is allocating about 20% of its 95.5 trillion won investment to EV related businesses, which includes building new plants, EV charging stations and strategic alliances with battery manufacturers and the investment amount for EV does not seem too surprising or aggressive," said Eugene Investment & Securities analyst Lee Jae-il. Chang said Hyundai was considering building new dedicated EV production plants without proving details of new factories, including locations and timeline. Analysts said Hyundai would be eying on building dedicated EV factories in the United States, as it considers that as its key EV market. Shares in Hyundai Motor closed down 2.6%, compared to the benchmark KOSPI's 0.2% gain. ($1 = 1,205.2600 won) ($1 = 115.2300 yen) (Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Rashmi Aich) Related video: This content is hosted by a third party.

Hyundai's rakish HND-9 concept has lots of Seoul

Hyundai has unwrapped the HND-9 Sports Coupe Concept at the 2013 Seoul Motor Show. The design study is intended to give the world a glimpse at what Hyundai has planned for the look of its future products - an evolution of the automaker's current Fluidic Sculpture design language.
With classic front-engine, rear-wheel-drive proportions, the HND-9 looks great, and engineers graced the concept with a 3.3-liter turbocharged, direct-injection engine good for 364 horsepower. An eight-speed automatic transmission shuttles that thrust to the rear wheels, while touches like butterfly doors give the machine a bit of flair.
Indoors, the HND-9 features seats built with a special mesh that changes colors depending on the viewer's angle. Designers modeled the cabin after a cockpit for a close, sporty feel. You can check out the full press release below for more information.

Hyundai hearts House Hydrogen and Fuel Cell Caucus in Tucson promotion

Hyundai may be based in South Korea, but the automaker is touting hydrogen fuel-cell technology as an all-American benefit and is getting some help from the US government to do so. The company said this week that it's collaborating with the US Department of Energy and the House Hydrogen and Fuel Cell Caucus at promoting fuel-cell technology. The timing is good because Hyundai just started selling the first mass-produced fuel-cell vehicle sold/leased in the US (unless you count the Honda FCX Clarity, which we know Honda does). The goal for Hyundai and its public partners is to boost awareness of the benefits of fuel-cell technology (the full tank range is similar to a gas-powered vehicle without the tailpipe emissions). With enough awareness and resulting demand, the high cost of both building such vehicles and installing the refueling infrastructure needed to refuel them will theoretically get driven down. Or at least that's what Hyundai and future fuel-cell vehicle makers like Toyota, Mercedes-Benz and General Motors are shooting for. Hyundai started leasing its Tucson crossover fuel-cell vehicle in Southern California earlier this year. The company is charging $499 a month, in addition to a $2,999 down payment for the vehicle, and is allowing drivers to fuel up for no extra charge. Take a look at Hyundai's press release below, and then check out our Quick Spin impressions. Hyundai Collaborates With Congressional Hydrogen And Fuel Cell Caucus To Highlight Introduction Of Mass-Produced Fuel Cell Vehicles In The Retail Market Members of Congress, Department of Energy Tout Importance of Fuel Cell Technology WASHINGTON, Sept. 16, 2014 /PRNewswire/ -- Today, Hyundai collaborated with the House Hydrogen and Fuel Cell Caucus and the Department of Energy to highlight the introduction of the first mass-produced fuel cell vehicles in the U.S. retail market. In a briefing organized by the House Hydrogen and Fuel Cell Caucus, Hyundai executives, Members of Congress, and an official from the Department of Energy discussed the innovative and clean technology that powers hydrogen fuel cell vehicles and the need for additional hydrogen infrastructure in the United States. "Hyundai is thrilled to partner with leaders in Congress and the Department of Energy to promote the continued development and commercialization of these clean energy technologies," said Kathleen Hennessey, Vice President, Government Affairs for Hyundai Motor Company.