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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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The first giant 15 MW turbine is up at Germany’s largest offshore wind farm

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The first giant 15 MW turbine is up at Germany’s largest offshore wind farm

Germany’s largest offshore wind farm under construction, EnBW’s He Dreiht, just hit a big milestone: The first enormous turbine is now up in the North Sea.

He Dreiht – which means “it spins” in Low German – is using Vestas’s massive 15 megawatt (MW) turbines, the first project in the world to install them. Just one spin of one of the rotors can generate enough electricity to power four households for an entire day.

When it’s finished, He Dreiht will have 64 mega turbines cranking out 960 megawatts (MW) of clean power – enough to supply around 1.1 million homes. And it’s being built without any government subsidies.

EnBW, one of Germany’s major energy companies, has been working in offshore wind for more than 15 years, but He Dreiht is their biggest project yet. “It will play a key role in helping us to significantly grow our renewable energy output from 6.6 GW to over 10 GW by 2030,” said Michael Class, who heads up EnBW’s generation portfolio development.

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The project is a win for Vestas, too. “With the installation of the first V236-15.0 MW, we have reached an important milestone for both the He Dreiht project and our offshore ramp-up, which helps Germany build a more secure, affordable, and sustainable energy system,” said Nils de Baar, president of Vestas Northern & Central Europe.

He Dreiht is located about 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Helgoland. At peak times, more than 500 workers will be out at sea building the farm, using a fleet of more than 60 ships. EnBW’s offshore team in Hamburg is running the show.

The installation process is a major operation. The 64 foundations were already set in the seabed last year. Parts for the turbines are loaded onto the installation vessel Wind Orca in Esbjerg, Denmark, and shipped out in a 12-hour journey to the construction site. From there, the turbines are lifted into place. Meanwhile, crews are also working on internal wind farm cabling.

A partner consortium made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the shares in He Dreiht.

Read more: Trump admin halts $5 billion NY offshore wind project mid-build


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Tesla gives update on Tesla Semi factory, says on track for volume production in 2026

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Tesla gives update on Tesla Semi factory, says on track for volume production in 2026

Tesla has released a quick update about its Tesla Semi factory in Nevada. It says that it is on track for volume production of the electric semi truck in 2026.

The Tesla Semi was first scheduled to go into production in 2019, but it has faced numerous delays.

Now, it appears that there is finally some momentum to bring it to volume production.

For the last two years, Tesla has been working to build a new factory next to Gigafactory Nevada, where it builds the battery packs and drive units for most of its electric vehicles built in North America.

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Today, Tesla released a “progress update on the factory, confirming that it finished building and it’s now working on deploying the production lines:

Tesla had previously mentioned aiming for volume production by 2025, but it is now only talking about starting production toward the end of the year and ramping up next year.

The automaker reiterated its planned production capacity of 50,000 units.

We recently reported that an early Tesla Semi customer, Ryder, stated that the electric truck program is experiencing more delays and a price increase described as “dramatic.”

They now expect to take deliveries of their first trucks later in 2026 and said that the price has increased “dramatically,” leading them to scale back their pilot program from 42 to 18 Tesla Semi trucks.

When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.

However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2022. Price increases have been speculated, but the company has never confirmed them.

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Vietnamese solar giant Boviet opens first US factory in North Carolina

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Vietnamese solar giant Boviet opens first US factory in North Carolina

Vietnamese solar panel maker Boviet Solar just opened the doors to its first US factory — a huge new PV module plant in Greenville, North Carolina.

The company dropped $294 million into the state-of-the-art facility, which will pump out Boviet’s Gamma Series monofacial and Vega Series bifacial solar panels. They’re using advanced PERC and N-Type solar cell tech, which basically means these panels are built to deliver higher efficiency and better performance across residential, commercial, industrial, and utility-scale projects.

The Greenville factory’s first phase is now online with an annual PV module output capacity of 2 gigawatts (GW). For Phase 2, which is scheduled to come online in the second half of 2026, Boviet will invest another $100 million to add 600,000 square feet and ramp up to another 2 GW. It will make high-efficiency solar cells.

Once both phases are complete, Boviet’s campus will cover more than 1 million square feet of manufacturing and R&D space. It’s one of the biggest clean energy manufacturing projects North Carolina has ever seen.

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The jobs impact is significant, too. The first phase will create 460 skilled local jobs. Phase 2 is expected to add another 908, bringing the total to over 1,300 direct jobs, plus nearly 2,000 more indirect jobs across the region. That’s good news for Pitt County’s economy, real estate market, and workforce training programs.

“This facility is not just creating jobs, but creating opportunity, innovation, and a stronger foundation for eastern North Carolina,” said Senator Kandie Smith. Governor Josh Stein added that Boviet Solar’s move shows how North Carolina is leading the way in clean energy growth.

Read more: Thomas Built Buses debuts its next-gen electric school bus


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