Hyundai, Kia, Genesis investing big for electric transition

Hyundai Motor Group, which includes Hyundai, Genesis and Kia, is pushing hard into the electric vehicle space. Globally, the group is targeting annual sales of more than 3 million EVs by 2030. There will be 11 new EV models for the Hyundai brand, six for Genesis and 14 for Kia by 2027.

In the U.S., Hyundai will have three full-electric models on sale by next year. The Ioniq 5 compact crossover and a redesigned version of its Kona EV went on sale in 2021. The Ioniq 6 sedan just debuted and will go on sale in the U.S. in early 2023.

Looking ahead to 2024, Hyundai will debut the Ioniq 7 three-row crossover based on the Seven concept previewed at the 2021 Los Angeles Auto Show.

The group's Genesis luxury brand plans to go all-electric by 2030 and has said it will begin phasing out internal combustion vehicles in 2025. Genesis' first dedicated EV, the GV60 compact crossover, went on sale in June and will roll out in phases to certain dealers in California, Connecticut, New Jersey and New York. Electric versions of its popular GV70 compact crossover and G80 midsize sedan are expected by the end of the year.

Meanwhile, Kia debuted its EV6 compact crossover and the second generation of its Niro EV this year. Kia will begin production of a midsize crossover called the EV9 in fall 2023, which will be the first three-row EV aside from Tesla's pricey Model X. It's expected that Kia will bring a dedicated electric pickup to market in 2027.

All of Hyundai Motor Group's dedicated EVs will use its Electric Global Modular Platform. The platform will enable fast charging via an 800-volt architecture as well as vehicle-to-load capability, which allows electronics such as a computer or refrigerator to be powered by the vehicle's battery.

Hyundai is investing heavily in EV production in the U.S. Previously the automaker pledged $7.4 billion to produce EVs, upgrade factories and develop smart mobility technologies. But in May, Hyundai Motor Group upped its stateside investment to $10 billion. That will go toward production of the all-electric Genesis Electrified GV70 at Hyundai's plant in Montgomery, Ala., starting in December and construction of an EV factory outside Savannah, Ga., that will build up to six models. The standalone factory investment is $5.5 billion.

The automaker also is planning to build a battery manufacturing factory with an as-yet-unannounced partner.