Home Latest When Tesla takes off, Hyundai races to hybrid

When Tesla takes off, Hyundai races to hybrid

by the owl speaks

Hyundai Motor, an early hydrogen car sponsor, has watched Tesla’s electric upswing, even on her home turf. Now’s it moving on the battery driven consumer offensive led by its U.S. competitor.

According to an internal union newsletter seen by Reuters, the South Korean firm aims to add two production lines dedicated to electric vehicles ( EVs), one next year and the other in 2024.

Since May, Euisun Chung, head of the Hyundai Motor Group conglomerate which also includes Kia Motors, has also held a series of meetings with his counterparts at Samsung , LG and SK Company, producing batteries and electronic components.

The object of the talks, which were publicly announced, was for Hyundai, according to several industry sources, to try to secure batteries at a time of tight supply as the competition for EVs is intensifying. Many suppliers supply Tesla, Volkswagen and GM’s likes as well.

Hyundai told Reuters that it was working closely with Korean battery suppliers to “scaled up” their electric car production. It has declined to comment on any proposals to add new production lines.

Samsung, LG and SK refrained from commenting.

The movements suggest that the carmaker is actively moving to increase its electric range, days after Chung declared on July 14 that the goal of the Hyundai Motor Group was to sell 1 million battery EVs per year and capture a global market share of over 10 percent by 2025.

There is some way to go; according to data from the industry analyst LMC Automotive, Hyundai Motor Group sold 86.434 battery EVs last year. This was above the 73,278 this Volkswagen Group sold but below the 367,500 that Tesla produced.

Together with Kia Motors, Hyundai, the world’s No.5 automaker, said its agility helped it to bring the charge into EVs. “We are confident that Hyundai will never fall back,” it said.

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