Hyundai Motor Group on Jan. 2 unveiled its plan to invest 100 trillion South Korean won, or nearly $87 billion, over the next five years in electrification, autonomous driving and mobility services.
The South Korean company's automobile brands include Hyundai Motor Co., Kia Motors Corp. and Genesis.
"To consolidate our leadership in vehicle electrification, we plan to operate 44 electrified models by 2025, including 11 dedicated BEV models, by bolstering the development of EV platforms and core components," said Executive Vice Chairman Euisun Chung
The 44 electrified models will include 13 hybrids, six plug-in hybrids, 23 battery electric vehicles and two fuel-cell electric vehicles. Hyundai plans to launch its first dedicated battery electric vehicle model in 2021 and further increase the lineup to 23 models by 2025. The automaker will introduce a new electric vehicle architecture development system, which will be applied to its cars starting 2024.
In 2020, the carmaker will add hybrid and plug-in hybrid variants to its SUV models, including Kia Sorento, Hyundai Tucson and Hyundai Santa Fe.
Hyundai said the company will operate autonomous vehicles in select regions in 2023 after developing an autonomous driving platform by 2022.
Hyundai signed an agreement with Cummins Inc. in 2019 to jointly develop and commercialize electric and fuel-cell powertrains. The company will start exporting its fuel-cell systems to Cummins this year and debut the U.S. market this year before entering the European market.
Hyundai targets to deliver around 200,000 fuel-cell systems annually by 2030 as the company plans to expand its fuel-cell systems supply to the transport sector and power-generation sector. Hyundai also has plans to establish a 500,000 units-per-year capacity for fuel cell electric vehicle production in Korea.
Hyundai will also start its car-sharing business in Los Angeles this year through its mobility service venture MoceanLab. The company also plans to expand collaboration with mobility platform companies, such as Singapore-based Grab Holdings Inc. and Indian ride-hailing company Ola.
On Dec. 4, 2019, Hyundai Motor Co. said it will spend 61.1 trillion South Korean won as the company transitions into a smart mobility solution provider by 2025.
As of Jan. 1, US$1 was equivalent to 1,152.40 South Korean won.