Hyundai plans for double-digit profit margins via new EV platform, next-gen batteries
The Hyundai Motor Group revealed during its 2023 annual investor day on Tuesday that it would accelerate its transition to electric cars. With an injection of new funds dedicated to EV and battery development, Hyundai is raising its annual EV sales goal to two million by 2030, aiming for over 10% profit margins.
Including Kia and Genesis, the Hyundai Motor Group is transforming its identity in the new era of electric vehicles.
Hyundai’s first dedicated EV, the IONIQ 5 electric SUV, has been a success for the South Korean automaker so far, attracting a new premium market. Its second dedicated EV, the IONIQ 6 electric sedan, is gaining attention as one of the market’s most aerodynamic and fuel-efficient electric cars.
Kia is breaking its image of being a “cheap brand” with its first dedicated electric model, the EV6, and plans to capitalize on the momentum by releasing its first three-row electric SUV, the EV9.
Much of the brand’s success is credited to its dedicated E-GMP platform, the power behind each of the EVs listed above.
With competition in the EV market heating up, Hyundai has revealed new plans to maintain its competitiveness and drive profitability as it moves to become a sustainable mobility leader.
Hyundai’s blueprint includes a new EV platform, next-gen batteries, shifting production capacity from ICE vehicles, and new businesses to drive software innovation.
Hyundai boosts EV investment, plans new platform
Hyundai says it’s leveraging the position it has established over time “amidst a seismic change in the industry” with competition intensifying in the EV market.
To secure its position, the South Korean automaker revealed it would invest KRW 109.4 trillion ($85 billion) over the next decade, including KRW 35.9 trillion ($27.8 billion) toward EVs.
The investment will help Hyundai reach its new target of selling two million EVs annually by 2030, up from 1.87 million. Hyundai says its next-gen EV platform, production capabilities, battery development, and future businesses will be key in reaching its targets.
Hyundai president and CEO, Jae Hoon Chang, commented on the company’s new investment and strategy, saying:
The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide. As it originated from Pony, the IONIQ 5 N—a high-performance EV scheduled for unveiling in July—will embrace and carry forward the enduring heritage of Hyundai Motor Company
Chang explained how Hyundai’s new dedicated EV platform, the Integrated Modular Architecture (IMA), will replace the E-GMP in future models.
The IMA platform will power 13 new dedicated EV models from Hyundai, Kia, and Genesis brands through 2030. Hyundai expects to standardize parts between models to streamline production and reduce costs.
With the new platform and streamlined production, Hyundai is targeting over 10% profitability for its EV models in 2030.
Hyundai says the IMA vehicle development system offers a “significant advancement compared to the current system enabling maximum cost reduction through economies of scale.”
The IMA platform will offer over 80 common modules that can be utilized across several segments, allowing for greater flexibility and efficiency.
According to Hyundai, the next-gen platform will extend beyond mid-size SUVs currently offered by the E-GMP. Instead, it will support vehicles from all segments, including small and large SUVs to pickups and other flagship models from Genesis.
Battery development plans
Hyundai is investing KRW 9.5 trillion ($7.3B) over the next ten years to improve battery performance and competitiveness in the battery tech.
The company says its new EV platform will include next-gen NCM and LFP batteries to improve driving range and reduce costs. Hyundai says it has formed a dedicated organization for each function required for battery development as it aims to become a market leader.
Hyundai is collaborating with external partners to establish a secure supply chain and accelerate the development of next-gen batteries.
As for solid-state batteries, Hyundai is partnering with companies like Solid Power to secure materials and manufacturing process technologies to develop lithium metal batteries.
The move comes after Toyota also revealed it was developing a range of new EV batteries, including sold state to boost competitivness.
Hyundai says it will introduce competitive LFP batteries with increased energy density and improved low-temp efficiency for the first time around 2025.
The company also outlined plans to focus on autonomous driving, software, robotics, and advanced air mobility. 42dot, a company Hyundai acquired in August 2022, will start developing its own software platform called Tital by 2024. The idea is to launch an autonomous driving purpose-built vehicle (PBV) business after 2027 with the goal of turning a profit after 2028.
In response to a diminishing presence in China, Hyundai will halt production at another plant while expanding local production of EVs and localizing parts.
In the US, Hyundai will begin production at its first EV plant in Georgia later this year to take advantage of the tax credit provided by the Inflation Reduction Act.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
Workhorse first showed its W56 medium-duty electric truck at Indiana’s Work Truck Week in 2023, and has sold the trucks to logistics and delivery companies like FedEx and Pride Group – which ordered more than six thousand of the electric vans in 2021, and continues to expand its fleet.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
As part of the approval process, Workhorse completed its registration as a foreign manufacturer under Transport Canada’s Appendix G clearance program. Transport Canada confirmed the vans’ compliance with Canadian Motor Vehicle Safety Standards (CMVSS) for both vehicles – but it remains to be seen if and how the latest tariff-driven trade war between the Trump Administration’s US and Canada will impact Workhorse’s plans to expand throughout North America.
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
SOURCE | IMAGES: Workhorse, via Electric Autonomy Canada.
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![Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/operational-area-earth-moving-copy.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
Liebherr will show the S1 Vision at this year’s bauma equipment exhibition in Munich, Germany. The design has already been nominated for the bauma Innovation Award in the Mechanical Engineering category – and my money’s on it winning.
Electrek’s Take
This is such goofy, stupid fun that if it was wheelbarrow-sized I’d have three of them. I can’t imagine the insanity of watching one of these things roll across a job site with 100 tons of granite in the bucket – and will have nightmares about the kind of damage it could do if it flipped out like a poorly made Chinese hoverboard clone whipping a toddler across a living room … which, in fairness, would probably get a billion views on Instagram or TikTok or whatever.
I can’t wait.
SOURCE | IMAGES: Liebherr.
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The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
- enclosed cab vs. open canopy
- 32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
Like its counterparts at Volvo CE, the new Hyundai excavator uses automotive-style charging ports to take advantage of existing infrastructure at fleet depots and public charging stations. More detailed specifications, dimensions, and pricing should be announced by bauma.
Electrek’s Take
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
SOURCE | IMAGES: HD Hyundai; via Construction Index, Equipment World.
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