South Korea’s Hyundai Motor Group is ringing in the new decade with plans to dominate the electric vehicle segment with no less than 23 electric models planned for release by 2025.
The automaker is reportedly investing billions into the endeavor to “secure its future industrial leadership,” according to Executive Vice Chairman Euisun Chung.
2019 saw the interest in electrified vehicles exponentially rise, attracting million-dollar investments from several companies that are looking to get into the growing market. It also introduced a number of electric vehicles both from established and startup brands, proving the segment’s relatively untapped potential.
One of these companies include Hyundai, which just announced it will invest $87 billion into powertrain electrification, mobility, and other areas of future growth for the brand. These investments are expected to result in 44 hybrid and electric vehicle models by 2025.
Among the 44 hybrid and electric vehicles, 23 are going to be battery-electric cars, with the very first model aimed for release in 2021. It will then be followed by 10 more dedicated BEVs in the next four years as well as an all-new EV architecture that will underpin some of the models in 2024.
Completing the list of the 44 upcoming models are 13 conventional hybrids, six plug-in hybrids, and two hydrogen fuel-cell vehicles. Of the conventional and plug-in hybrid models, new versions of the Kia Sorento, Hyundai Santa Fe, and Hyundai Tucson are slated to launch this year.
The company is also planning to begin production of the battery-electric Kia Imagine concept on a dedicated BEV platform.
Hyundai Motor Group is looking to sell 560,000 pure-electric vehicles annually by 2025, a much more attainable goal than the ones set by other automakers in recent months.