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The
plan underscores efforts by the world's No.5 auto group to
become a major player in the global EV market, as car makers
around the world are pouring billions of dollars of investment
to improve battery technology, which keeps EV prices high
compared with combustion engine models.
Market leader Tesla said in September it aims to halve the cost
of its EV batteries and bring more production of the key auto
component in-house to lower EV prices to $25,000 each.
Hyundai expects its dedicated Electric Global Modular Platform
(E-GMP) will allow it to use its own battery module technology
across various EV models and cut the number of components by
60%.
"E-GMP will be highly effective in expanding the Group's EV
leadership position as it will enable the company to enlarge its
EV line-up over a relatively short period through modularisation
and standardisation," it said in a statement.
An electric vehicle based on E-GMP will offer a driving range of
500 kms (310 miles) or more on a single charge, an improvement
of at least 23% from the Kona EV, the longest driving range
model among Hyundai's EV lineups.
However, Hyundai's R&D chief Albert Biermann said the company
doesn't see the need to make its own battery cells and is
content with cooperating with its suppliers including SK
Innovation Co Ltd and LG Chem Ltd's LG Energy Solution.
Hyundai Motor and its sister company Kia Motors together aim to
sell 1 million EVs in 2025 to become the world's third-largest
seller of EVs.
It has promised 23 new EVs including 11 all-electric models by
2025 and plans to introduce a family of EVs under the Ioniq
brand from early next year to spearhead its near-term transition
toward EV production.
(Reporting by Heekyong Yang; Editing by Miyoung Kim, Stephen
Coates and Raju Gopalakrishnan)
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