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.
Hyundai IONIQ 5 electric SUV (source: Hyundai)
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.
Kia EV6 (Source: Kia)
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.
2023 Hyundai IONIQ 6 (Source: Hyundai)
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.
2024 EV9 GT-Line (Source: Kia)
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.
Genesis GV60 (Source: 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.
Hyundai IONIQ 5 (Source: Hyundai)
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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Mark Kay’s iconic Pink Cadillac awards are driving into the future for 2025. The company’s first-ever electric Pink Cadillac OPTIQ made its debut during the Mary Kay annual Seminar in Charlotte this weekend, symbolizing a “recharged vision” for the future of the popular brand.
Pioneers in monetizing friendships female empowerment and entrepreneurship, the Pink Cadillac is considered one the most coveted symbols of achievement for Mary Kay sales reps, signifying not just great sales (GM Authorityreported that it took ~$102,000 in annual sales to qualify back in 2001), but also leadership, a history of mentoring others, and a sustained reputation of excellence among their peers.
The women you see behind the wheel of the Pink Cadillac are the real deal, in other words, and the big Caddy really does mean something to people in the know.
The iconic pink Cadillac was born in 1968 when Mary Kay Ash purchased a Cadillac Coupe De Ville from a Dallas dealership and promptly had it painted to match the pale pink Mary Kay lip and eye palette. General Motors later named the color Mary Kay Pink Pearl, and the shade is exclusive to Mary Kay.
“For decades, the Mary Kay pink Cadillac has symbolized accomplishment, aspiration, and the power of recognition,” said Ryan Rogers, Chief Executive Officer of Mary Kay. “With the introduction of the all-electric OPTIQ, we’re honoring that iconic legacy while driving into a transformative future—one grounded in our commitment to sustainability and dedication to inspiring and celebrating the achievements of our independent sales force for generations to come.”
Mary Kay announced its new Pink Cadillac with this video, below.
Same Legacy, New Energy
“The legacy continues with the new, all-electric (and still very pink) Cadillac Otiq [sic],” reads the official Mary Kay copy on YouTube. “The Optiq remains instantly recognizable with the pink pearl exterior, while modernizing with sleek, cutting-edge features. In addition, this vehicle showcases our commitment and dedication to sustainability by reducing our carbon footprint while continuing to inspire.”
Speaking of inspiration, I can’t hardly hear the words “Pink Cadillac” without thinking of the song. But, since “Bruce Springsteen” has become something of a trigger word for the MAGA snowflakes in the audience, I’ll post a different, but similarly great song about rose-tinted GM flagships from Dope Lemon. You can let me know what you think of it in the comments.
As ever, the Cadillac is not a “gift,” per se – but typically takes the form of a two year lease paid for by Mary Kay. No word yet on what the exact shape and form the OPTIQ deal will take.
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RBW, a British handcrafted electric car manufacturer, brought its cute little Roadster out to Santa Monica and invited us up for a drive.
RBW has built cars in the UK for a few years now, but is about to set up US manufacturing in Virginia. Along with that comes a version of its Roadster modified for the US market, and we got a sneak peek with a short drive in Santa Monica.
The RBW Roadster is a small, hand-built, retro-style EV, meant as a modern take on British classics. But it’s not an actual classic itself – it’s a newly-built vehicle, with a new body, modern safety features, and even some electronics, like CarPlay and Android Auto (but not much else – there’s no huge, cockpit-defining screen, just a 9″ one, with retro gauges in front of the driver. But it does have a backup camera!).
Our drive was short, just a quick trip up and down the most trafficky part of Pacific Coast Highway in Santa Monica, without much chance to really stretch the vehicle’s legs. So we can’t verify range or tell you how it handles on the limits, but we can tell you about the basic controls and feel of the vehicle.
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On a mostly smooth road, the car offered a comfortable ride dynamic. We didn’t get a sense of chassis noise because the top was down (which I surmised was an intentional effort by the company – I’ve used the same trick when showing off my car before).
The steering is tight and has a good weight to it, and the retro-style steering wheel felt great in my hands.
Of particular interest to me, as a long-time EV driver, is how the throttle pedal is tuned. Lots of EVs add some intentional delay or smoothing to throttle inputs, which ends up making the pedal feel mushy and indirect, reducing the control you have over the vehicle.
For reference, the cars I drive most often are the Tesla Roadster and Model 3, which both have excellent direct pedal feel.
And I’m happy to report that the RBW Roadster’s throttle pedal feels very similar to the cars I love to drive. The car feels quick, and responds exactly to what I want it to do, when I want it to do it. But it’s not excessively “punchy” like some of the more absurdly-powered EVs can be (like the Tesla Model S Plaid or the Macan Turbo S).
PCH with the top down is exactly where this car belongs. But maybe without the traffic.
It does not, however, have off-throttle regenerative braking, aka one-pedal driving. Pressing the brake pedal engages regen, but letting off the throttle lets you simply coast. I personally prefer one-pedal driving, but one consideration RBW had is that since the car does not have traction control, regenerative braking on the rear axle (where the motor is) could potentially present a safety issue on slippery roads. So, fair enough I guess, but I still do prefer one pedal.
Speaking of pedals, the brake pedal was placed quite far from the accelerator. This is a plus and a minus – a minus because it’s quite different from most vehicles these days, where the pedals are placed closer, for ease of reaching them with your right foot. A plus because higher separation might reduce the chance of “crossing the pedals” and accidentally pressing both with the same foot in an emergency situation, and because it enables left-foot braking, which is generally better for performance driving… in the hands of a trained driver, anyway.
That said, this isn’t exactly a performance car. It’s fun, it’s responsive, but it’s not powerful. The version we tested had a 0-60 time of only around 9 seconds, so it didn’t give you the “throw your head back” feeling that so many EVs on the road these days do. It’s responsive, but not fast.
RBW says the American version will have more motor power than the UK version, but it’s still trying to figure out exactly how to tune it. This should bring 0-60 times down by about a second. But we can’t help but think that it would be nice with even a little more power than that, which we think should be possible given the car’s 50kWh battery and ~2,900lb weight, specs that are similar to my similarly-sized Tesla Roadster (as you can see below – along with the GT version of the RBW, on the right).
Here’s an issue: all the specs we were given seem extremely fluid. While talking to the company, I got several different numbers for any given specification. It seems to me like the company is still figuring out exactly what changes it will make for its US models.
This is somewhat to be expected of a small, hand-built manufacturer, especially since buyers can ask for certain modifications or personalizations (seat height, for example, which is important in a small car like this). But it does make it tough to write an article about it.
Nevertheless, the car drives well, and RBW seems to have gotten a lot right about the dynamics of the vehicle. It executes well on its goal – a fun, small British-style roadster, a great weekend car for those who have the means.
As for the means, the RBW Roadster will start in the $140-150k range, so it’s not cheap. But if you’re looking for something like this, it’s just about the only game in town, and it’s a good execution of the feel of a nimble roadster for weekend cruising.
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Canadian startup Beachman has just unveiled its latest electric two-wheeler, the ’64, a vintage-styled electric motorcycle that looks like it rolled straight out of the 1960s. With throwback café racer design and a respectable top speed of 45 mph (72 km/h), it’s a slick little ride with a curious twist: it calls itself an e-bike.
It’s not just a casual reference, but it’s baked into the name. The full model name on Beachman’s website is the ’64 E-Bike.
While I’d generally be inclined to give them the benefit of the doubt, since many motorcyclists refer to electric motorcycles as “e-bikes” and the term has a broad definition in colloquial usage, the company is obviously casting more in the “electric bicycle” end of the spectrum. They even say on their website that it is “rideable as either a Class II E-Bike or a Registered Moped (in most states).”
Despite lacking pedals entirely – and clearly designed more like a lightweight electric motorcycle – the Beachman ’64 comes with a selectable “E-Bike Mode” that limits it to 20 mph (32 km/h). The implication? That riders can use this obvious motorcycle in bike lanes like a Class 2 e-bike. Legally speaking, that’s a stretch, to put it mildly. In fact, I’m not currently aware of any state where that’s explicitly legal, though it could probably pass in many states due to the current state of enforcement we usually see.
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According to Beachman, the ’64 has three ride modes:
E-Bike Mode: 20 mph (32 km/h) top speed, which the company says is “perfect for bike lanes.”
Moped Mode: 30 mph (48 km/h) top speed, which does match legal definitions for mopeds in some jurisdictions, even without pedals.
Off-Road Mode: 45 mph (72 km/h) top speed, no pretense – just a motorcycle.
In practice, I don’t think it’s a stretch of the imagination to assume that most riders will likely keep it in Off-Road Mode, where the bike delivers its full 3,000W performance and offers the most fun. And specced with decently large batteries, it could actually do some modest commuting, even at higher speeds. The ’64 comes with a removable 2.88 kWh battery (or optional 3.6 kWh upgrade), and range is estimated at 55–70 miles, depending on configuration. It charges to 80% in three hours and even features regenerative braking.
The company leans heavily on its “timeless design” messaging, and to their credit, the ’64 nails the aesthetic. It looks great. The frame, tank, and seat all channel classic motorcycle vibes while skipping the modern digital overload – no apps or touchscreens here. Just a clean, simple throttle and some retro charm.
But for all the cool factor, the classification confusion raises eyebrows. Calling a 45 mph, pedal-less motorcycle an “e-bike” in any meaningful legal sense is a misfire. Some states allow low-speed mopeds in bike lanes, but others draw the line at motorized vehicles without pedals. The ’64 might get away with it in limited cases, but most jurisdictions will (rightfully) require it to be registered and insured as a motor vehicle. And it’s unclear if explaining to the officer, “But I had it in 20 mph mode…” will help much on the side of the road.
Still, Beachman is aiming at a particular rider who wants motorcycle style and speed without all the baggage. With a starting price of $4,800, the ’64 could be an appealing step-up for e-bike riders looking to graduate into something faster without committing to a full-sized gas bike.
Just don’t expect to blend in on the bike path.
Electrek’s Take
Look: The bike looks fantastic and probably rides well, but come on, it’s a 230 lb (105 kg) motorcycle.
Let’s stop calling every throttle-only EV an e-bike just because it’s got two wheels, a battery, and a button that neuters it to 20 mph. This has gotten silly. You built a great-looking bike. But it’s a bike in the way a motorcycle rider refers to his “bike.” It’s not a bicycle, and it’s not a bike lane vehicle any more than a Sur Ron is. At least not if you respect your fellow two-wheel riders around you.
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