Global automakers raise EV sales target on higher demand

Hyundai Motor Co.’s EV platform E-GMP [Photo provided by Hyundai Motor Group]

Global automakers are revising their electric vehicle (EV) strategy as the market penetration of the environmentally-friendly vehicles is faster than initially anticipated.

According to industry sources on Wednesday, South Korean auto giant Hyundai Motor Group aims to sell 3.6 million EVs a year globally in 2030, with more than 32 models.

Hyundai Motor Co. plans to introduce a second-generation dedicated EV platform in addition to the E-GMP in 2025 and aim to sell 2 million EVs annually with more than 17 models by 2030.

Its smaller sibling Kia Corp. plans to launch 15 EV models by 2027 and sell 1.6 million EVs annually at home and abroad in 2030. Hyundai Motor and Kia initially set their 2030 EV sales target at 3.07 million units last year, but increased the figure by 17 percent in just one year.

The upward sales target comes amid growing demand for EVs.

In 2030, EVs in North America, Europe, and China, are projected to account for 40 to 50 percent of the entire new car sales, up from the previous projection of 30 percent in 2020.

Other major automakers are also raising their EV sales target.

In 2021, Toyota Motor Corp. set its 2030 EV sales target at 3.5 million units. This year, the company, while maintaining the target, has set a new interim goal of selling 1.5 million EVs by 2026. Given that Toyota sold just 20,000 EVs globally last year, selling 1.5 million units is a challenging goal.

Volkswagen AG plans to have EVs account for 80 percent of the new car sales in Europe and 55 percent in the U.S. and China by 2030.

In 2021, Volkswagen set its 2030 regional targets for EVs at 70 percent in Europe and 50 percent in the U.S. and China, but the automaker increased the figures by 10 percentage points and 5 percentage points, respectively, in just two years.

General Motors Co., Mercedes-Benz Group AG, and BMW AG are also updating their strategies while maintaining their original 2030 EV sales target.