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The Hyundai Motor Group revealed Tuesday plans to become a top three global EV producer by 2030 with a new roughly $18 billion domestic investment (KRW 24 trillion) to spark growth.

After surpassing General Motors (GM), Nissan, and Stellantis in annual sales volume in 2022, Hyundai is emerging as a real threat in the auto industry.

However, the Hyundai Motor Group, including the Kia and Genesis, knows where the industry is headed (toward fully electric, zero-emission vehicles) and is accelerating its initiatives to get there.

The South Korean automaker is already attracting a new “premium buyer” market with its first dedicated electric vehicle, the IONIQ 5, featuring up to 310 miles range, 800V ultrafast charge capabilities (18 minutes), and advanced technology like vehicle-to-load (V2L).

Hyundai followed it up with the IONIQ 6 electrified streamliner, a sportier, more aerodynamic sedan. The IONIQ 6 debuted as one of the most efficient EVs on the market, with up to 361 miles range and 140 combined MPGe, placing it among the top on Fueleconomy.gov’s 2023 top 10 list alongside two 2023 Lucid Air models.

Hyundai’s European boss claims “brand loyalty doesn’t seem to be as strong in EVs” as the automaker continues attracting a new class of buyers with its powerful, boldly designed, dedicated IONIQ EVs.

For this reason, Hyundai is planning to become a global EV powerhouse, entering the top three by 2030 based on EV sales.

Hyundai-top-3-EV
Hyundai IONIQ 5 (Source: Hyundai)

Hyundai plans to become a top 3 global EV maker

In a press release Tuesday, Hyundai, Kia, and Hyundai MOBIS will invest roughly $18 billion (KRW 24 trillion) domestically to increase EV production and exports.

In addition, Hyundai Motor Group is substantially increasing its EV production in Korea to 1.51 million units and global export volume to 3.64 million units by 2030, compared to previous plans of roughly 1.87 million EV sales globally by that time.

Kia is building a new dedicated plant to manufacture fully electric purpose-built vehicles (PBVs) while increasing capacity at existing production lines to boost EV production in Korea.

Hyundai plans to “invest heavily” in new EV technology. For example, it will explore a new platform for its next-generation EVs and establish advanced facilities to increase capacity.

Through the new investments, Hyundai says it will advance the development of EV batteries and e-motors as well as technology to increase the all-electric range from a full charge.

The automaker will develop a dedicated platform for each vehicle class under the Integrated Modular Architecture (IMA) system, including its “eM” platform for electric passenger vehicles, due out in 2025.

As a result, the Hyundai Motor Group, including Kia and Genesis, believes it will become a top three global EV producer by 2030. By that time, Hyundai will have a total of 31 EVs, including the new Kia EV9 electric flagship SUV and Hyundai’s IONIQ 7, due to launch in 2024.

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Report: Ferrari were SO impressed by the Xiaomi SU7, they bought one

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Report: Ferrari were SO impressed by the Xiaomi SU7, they bought one

With its tire-blistering acceleration and record-setting performance, the Xiaomi SU7 Ultra has been getting attention throughout the auto industry, impressing everyone who’s seen it. That “everyone” now seems to include the OG supercar brand, itself.

CarNewsChina posted pictures from a Weibo user that reportedly show a Xiaomi SU7 Ultra exiting the storied Ferrari factory in Maranello, Italy. According to a Chinese blogger going by 西米露在博洛尼亚 (which seems to translate to “Sago Dessert in Bologna”), the prancing horse brand is actively benchmarking the Chinese hypercar for its own upcoming EV.

The SU7 Ultra was definitely coming from inside Ferrari’s facility. After verification, we learned this specific vehicle was officially purchased by Ferrari for testing, and the development of their next-generation electric platform.

西米露在博洛尼亚

Yet another Chinese auto blogger, 苏黎世贝勒爷, claims that Ferrari representatives visited Xiaomi headquarters last year, allegedly to discuss the joint development of next-generation high-performance EV motors.

The Xiaomi SU7 Ultra made its debut last year, promising 1,548 hp, sub 2.0-second 0-60 mph times, and a top speed well over 200 mph – all at a price lower than a Tesla Model S Plaid or Porsche Taycan Turbo GT. The car sold out almost immediately after it was unveiled, racking up some 50,000 orders almost overnight.

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The new electric benchmark


Xiaomi SU7 Ultra at Fiorano; via Weibo user Piniluoshan.

In the automotive world, “benchmarking” is a process in which car companies systematically tear down each others’ competitive products to compare everything from sound insulation, vehicle ride and handling, component materials, and even manufacturing methods against their own or against other industry leaders. The goal is to evaluate performance, cost, quality, and other key metrics, effectively figuring out “where they stand” in the market.

If Ferrari really did buy an SU7 to benchmark it against their own upcoming electric supercar, it’s more than just a curiosity – it could mean that the highest tiers of automotive innovation have shifted from West to East. Maybe forever.

Featured image via Xiaomi; sources throughout the post.


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Chevy teases new Bolt w/NACS, front fascia redesign, rear brake lights

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Chevy teases new Bolt w/NACS, front fascia redesign, rear brake lights

We’re finally getting our first teases of the upgraded 2027 Chevy Bolt, built on GM’s battery/motor platform formerly known as Ultium. So far, so good for the vehicle, which will be revealed later this Fall.

Chevy took to social media today to tease the 2027 Chevy Bolt, saying, “You asked, we listened. The #ChevyBolt is back and better than ever. More this fall. 👀”

Chevy ended the original Bolt program with the 2023 model, which was loved by a loyal group of customers (including myself). Some of the major gripes, including charging speed and rear brake lights, already look to be addressed. Also, a new more aggressive fascia is debuting.

Electrek’s take

GM has done an incredible job keeping the 2027 Bolt under wraps. It will be the first GM vehicle with a native NACS port after the Cadillac Optiq-V, which we spied in Seattle last week.

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Hopefully, the new Bolt will have improved charging speeds over and above the 54kW that previous Bolts adhered to. One possible downgrade is that the old Bolt’s amazing wireless CarPlay/Android Auto system will likely be replaced by GM’s move to Android’s built-in experience. For a few years, the Chevy Bolt was the most affordable long-range EV, and it won our 2022 Electrek car of the year for its versatility and price.

I would, of course, like to see the new Bolt as a hot hatchback, but GM CEO Mary Barra has hinted that it will likely take more of the EUV’s SUV form factor. Things like AWD options, SuperCruise, pricing, power and range are yet to be revealed, but stay tuned to Electrek for the latest on Bolt developments.

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Tesla tops another ADAS test, Hyundai tops range tests, and Texas gets BESS

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Tesla tops another ADAS test, Hyundai tops range tests, and Texas gets BESS

On today’s test-acular episode of Quick Charge, it’s a new day and a new Chinese ADAS test for Tesla to conquer – but this one’s got a LOT more pedestrian carnage to parse through! We’ve also got some great e-bike deals from Retrospec and a bladder-busting Hyundai.

Today’s episode is brought to you by Retrospec – the makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure! To that end, we’ve got a pair of Retrospec e-bike reviews followed up by the updated Hyundai IONIQ 6 with nearly 350 miles of range from its updated long-range battery. With that, Hyundai now has the longest range Korean EV on the market, while Texas is adding megawatts of battery energy storage to beef up its troubled grid, and it’s doing so faster and cheaper than ever before.

PlusQuick Charge listeners can get an extra 10% off the price of their next awesome e-bike by using code ELECTREK10 at retrospec.com!

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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