HYUNDAI ENTERS EV RACES
Targets Selling 1 Million EV's a Year by 2025
Adding Big EV Production Lines
Hyundai, the big automotive champion of hydrogen powered vehicles, has just decided to also aggressively go electric. It's rapidly expanding its electric capacity to support selling $1 million electric vehicles a year by 2025 and also grabbing a global EV market share over 10%.
Hyundai's EV Offensive
Hyundai has plans to introduce two production lines dedicated to electric vehicles. One will go on line next year and another in 2024, according to an internal union newsletter obtained by Reuters. Hyundai is also engaged in discussions with Samsung to secure batteries and other electronic components for the EV's. EV car batteries are in short supply. Samsung is a major battery supplier to Tesla and GM.
EV Races Heating Up
Hyundai, which owns Kia, is the world's 5th largest automaker. It sold 86,434 battery EV's last year. That's more than VW at 73,278 but far behind Tesla at 357,500. Tesla is the world's leading EV automaker. It's off to the EV races.