Hyundai (005380.KS) Motor Group has announced plans to introduce an EV only "platform" early next year. The platform will use the automaker's own battery technology to cut production costs and time.
- Hyundai, along with its sister company KIA, has set a target of selling 1M EVs by 2025.
- The new platform is called the Electric Global Modular Platform (E-GMP) and is expected to use the automaker's own battery modules across several models to reduce the number of components by up to 60%.
- Hyundai has planned to roll out 23 new EVs, including 11 all-electric models, by 2025. Its collection of EVs will fall under its Ioniq brand.