- EVs seek to regain sales momentum at Paris Motor Show
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- Stocks diverge, oil retreats as China disappoints markets
- Trio wins economics Nobel for work on wealth inequality
- Ex-Stasi officer jailed over 1974 Berlin border killing
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- Nearly 90, but opera legend Kabaivanska is still calling tune
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- In milestone, SpaceX 'catches' megarocket booster after test flight
- In a first, SpaceX 'catches' megarocket booster after test flight
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Ubisoft fears assassin's hit over falling sales
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- 'Little Gregory' murder haunts France 40 years on
- Tariffs, tax cuts, energy: What is in Trump's economic plan?
- Amazon wants to be everything to everyone
- Jewish school in Canada hit by gunfire for second time
- With medical report Harris seeks to play health card against Trump
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
CMSC | 0.12% | 24.739 | $ | |
RBGPF | 2.84% | 61.23 | $ | |
BCC | 0.72% | 143.4 | $ | |
CMSD | 0.12% | 24.98 | $ | |
JRI | -0.34% | 13.205 | $ | |
RIO | 0.53% | 67.585 | $ | |
SCS | 0.31% | 12.95 | $ | |
NGG | 0.98% | 66.895 | $ | |
BCE | -1.6% | 32.5 | $ | |
GSK | 0.74% | 39.121 | $ | |
RYCEF | 0.43% | 7.03 | $ | |
RELX | 1.09% | 47.345 | $ | |
BTI | 0.78% | 35.455 | $ | |
AZN | 1.03% | 78.155 | $ | |
VOD | 0.26% | 9.675 | $ | |
BP | -0.53% | 31.94 | $ |
Hyundai raises annual EV sales goal to two million by 2030
Hyundai Motor said Tuesday it aims to sell two million electric vehicles a year by 2030, raising its target from the 1.87 million it set last year as the market for clean-energy vehicles continues to soar.
It also announced plans to invest a total of 109.4 trillion won ($85 billion) from 2023 to 2032 to focus on "future businesses, such as autonomous driving, hydrogen, robotics and advanced air mobility."
The South Korean carmaker -- one of the world's largest -- is under pressure in the United States and Europe to boost local production of clean vehicles and cut down on its dependence on China-made components and battery minerals.
Chips, which have become crucial components for modern vehicles, became scarce as the Covid-19 pandemic shut down factories in China and elsewhere in Asia, causing shortages that are only recently being absorbed by supply chains.
Hyundai aims to "achieve a successful transition to electrification by efficiently and effectively leveraging its long experience in vehicle production and sales," it said in a statement.
"With global EV demand growing faster than market forecasts, Hyundai Motor is raising its 2030 sales target from 1.87 million units to two million units," it added.
It said it planned to boost production of EVs in the EU and United States, citing growing demand -- but also in a likely response to growing incentives in such markets for locally-produced vehicles.
If the firm reaches the new goal, its electric vehicles, including luxury brand Genesis, would account for 34 percent of its worldwide sales in 2030 -- up from just eight percent this year, Hyundai said.
The company, however, is currently being probed in the United States for issues related to its popular Ioniq 5 electric SUV model.
A total of 30 complaints were received about the model completely or partially losing propulsive power, the US National Highway Traffic Safety Administration said Saturday.
Hyundai's Tuesday announcement comes after US automaker Ford embarked on a restructure with the goal of producing two million electric vehicles a year by the end of 2026.
Toyota Motor, on the other hand, has also announced a plan to sell 1.5 million battery electric vehicles per year by 2026.
Y.Uduike--CPN