The company has a global market penetration of 1% in the EV segment. With the new platform it is targeting a market presence of 24% by 2025.
In a strategic development for Hyundai Motor Co, an executive from the South Korean company has disclosed that it is developing its first dedicated architecture for electric vehicles so as to increase its offerings into the fast growing segment of electric vehicles.
Although the platform is not expected to be completed anytime soon, Hyundai Motor and its affiliate, Kia Motors Corp, are already planning to roll out small electric SUVs based on an existing platform, said Lee Ki-sang, Hyundai Motor’s senior vice president.
Its compact models will have a range of more than 186 miles (300 km) per charge and would be “more competitive” priced than its rivals said Lee Ki-sang in an interview.
He expects EVS to account for nearly 10% of the company’s total global vehicle sales by 2025. Currently they are at 1%.
With the company being a long champion of fuel-cell technology, Hyundai Motor has been under pressure to compete more vigorously in the electric battery-powered car market which is lead by Tesla Inc.
Lee disclosed that in upcoming EVs, the new platform allows for the battery pack to be installed in the vehicle’s floor which not only allows for more capacity but also maximizes interior and cabin space.
“The electric vehicle platform will require high up-front investments, but we are doing this to prepare for the future,” said Lee at Hyundai-Kia’s green car research center in the city of Yongin, outside Seoul.
With the SUV market growing strongly, Hyundai will be tapping it with the launch of an electric SUV, followed by another launch from Kia Motors next year, said Lee.