Why Hyundai’s EV plans are going just fine despite market turbulence

Value

That brings me to the final and perhaps most crucial element of Hyundai Motor Group’s success in the burgeoning EV market: pricing. Sure, there are cheaper EVs out there than what its brands offer. There are prettier ones, more luxurious ones, and ones with more range too. But no other EV lineup on the market combines all those attributes like Hyundai Motor Group brands do.

The electric offerings from Hyundai and Kia tend to be not only among the best-looking and best-driving EVs in their segments but also the most competitively priced. Both brands have traditionally been value-oriented, and that continues here thanks to some forward-thinking engineering.

I’m referring to the development of something called E-GMP. That stands for the Electric Global Modular Platform, the hardware and software system underpinning most EVs from Genesis, Hyundai, and Kia. Since all those cars share the same basic architecture, battery design, and electrical system, the brands can save manufacturing and development costs.

It also helps that Hyundai Motor Group already operates a dozen factories in Korea and elsewhere in the world, more than half of which can or actively do produce EVs. This includes one in Alabama and another EV-focused plant under construction in Georgia. While other automakers are still figuring out their electric vehicle and battery manufacturing needs, Hyundai Motor Group got the ball rolling early.

Staying true to an EV vision

Another important aspect of Hyundai Motor Group’s success is its dealership knowledge and buy-in.

For one, the company has done a great job of getting its dealers on board with the EV shift. That’s a huge contrast from other manufacturers, whose dealers seem hell-bent on actively sabotaging their own EV efforts, at times even resulting in legal action.

“We believe our EVs resonate because we have prioritized great design, practical technology, affordability, and a commitment to an electric future,” Olabisi Boyle, senior vice president of product planning and mobility strategy at Hyundai Motor North America, told me.

“We are addressing charging-time concerns via our E-GMP architecture’s 800-volt charging capability,” she said. ​“We are tackling infrastructure fears by including a NACS [North American Charging Standard] port in our vehicles and partnering with other leading automakers to build the IONNA [EV charging] network. We’ll even help install a Level 2 charger in your garage and solar on your roof through Hyundai Home.”

This bundle of offerings is more holistic than what most automakers provide at the moment.

Most important, Hyundai also recently reconfirmed its goal of 2 million annual EV sales by 2030, a signal that the company is staying the course on its EV goals as others waver. However, it’s worth noting that 2 million EVs would equate to just over a third of the company’s anticipated total sales in 2030, a more conservative target than the ones other automakers are easing off of now. And just like its competitors, Hyundai is also investing more in hybrid vehicles to meet the needs of consumers who aren’t quite ready to transition.

For now, Hyundai Motor Group’s focus on the fundamentals, high vehicle-production volume, and comparatively conservative EV goals go a long way toward explaining why the brand is in a more enviable position on electrification than many of its competitors.