Hyundai Introduces New All-EV Platform, Targets Selling 1 Million Units By 2025

South Korean automaker Hyundai Motor Company (OTC: HYMTF) is making headway in the electric vehicle market with its latest Electric-Global Modular Platform (E-GMP). The dedicated platform was revealed at the E-GMP Digital Discovery event in Seoul on Wednesday.

What Happened: E-GMP platform launching early 2021 would offer the core technology support and solidify Hyundai’s next-generation electric vehicle models.

Reuters notes that Hyundai integrating its battery technology could reduce the EV components by 60%. The report also quoted a statement from the company saying that “E-GMP will be highly effective in expanding the group’s EV leadership position as it will enable the company to enlarge its EV line-up over a relatively short period through modularization and standardization.”

Unlike earlier models that worked using an on-board charger system, the E-GMP will use an integrated charging control unit to facilitate a vehicle-to-load functionality, eliminating many of the earlier EV models’ additional components.

Why It Matters: The next-gen versions of EV’s can deliver a maximum range of 500 km or approximately 311 miles, based on WLTP (Worldwide Harmonized Light-duty vehicle Procedure).

This technology can not only be used to charge other EV’s but can also serve as a 3.5kw alternative power source for a mid-sized air conditioner and a 55-inch television for up to 24 hours.

With 23 EVs in the pipeline, the Hyundai group targets selling 1 million units by 2025. The recent IONIQ brand launch in August is part of Hyundai’s vision for the next-gen EV’s.

Sister company Kia Motors Corporation is also working to integrate this technology and anticipates 20% of 2025 sales from EV models. It has also released sneak peeks into seven new models, which could launch sequentially by 2027.

Image Courtesy: Wikimedia