By Michael Elkins
Japanese automaker, Honda Motor Co Ltd ADR (NYSE:HMC) announced Tuesday its goal to become one of the world’s top 3 EV manufacturers by 2030 with a target of 1.51 million EVs a year for its Korean-built BEVs and 3.64M units globally by the end of the decade.
The automotive company also highlighted its plans to invest KRW 24 trillion ($18.2 billion USD) in the domestic EV industry through Hyundai Motor, Kia and Hyundai MOBIS by 2030.
That figure averages $2.6B a year on top of the $23.6B it has already-committed R&D funding for new vehicles, taking it to a total of $41.8B in BEV commitments. By comparison, Tesla (NASDAQ:TSLA) claims to have committed $100B on EV and plant R&D development by 2030.
Hyundai’s statement confirmed it would have 31 new BEV models across its three brands: Hyundai Motor, Kia, and its luxury brand Genesis by 2030. Kia will launch the EV9, its first three-row seat electric flagship SUV, this year, and Hyundai Motor plans to launch the IONIQ 7 in 2024.
“We aim to upgrade Korea’s EV ecosystem and strengthen its role as a hub for driving innovation in the global automotive industry,” the statement said.
“It is also expected to promote a virtuous cycle of domestic EV production, R&D, infrastructure and related industries.”
The Group does not have a North American plant but has been lobbying the U.S. Government for changes to the Inflation Reduction Act so that it doesn’t need to build BEVs in the U.S. for its customers to claim zero-emission subsidies.
Shares of HMC are up 0.82% in afternoon trading on Tuesday.