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Hyundai wants to boost EV production amidst poor quarterly earnings

Highlights

  • Hyundai is expected to launch the IONIQ 5 in India soon
  • The company already sells the Kona Electric in the country
  • Hyundai is preparing to release the IONIQ 5 sedan over the coming months in global markets

In a bid to keep up with increasing costs and lowering profits, South Korean automaker Hyundai has announced that it will focus solely on SUVs, electric cars, and its luxury cars to significantly bolster its earnings.

Although supply chain trouble has eased a little, it’s not completely gone. Regardless, the company expects the situation to improve by the fourth quarter of the year, potentially boosting the company’s Q1 2023 financial performance. This pivot comes in the wake of the company’s poor quarterly results, which fell short of analyst expectations, according to Bloomberg.

Also ReadHyundai’s new Ioniq 6 EV can run for up to 614 km on a single charge

There’s some good news for the company even in the midst of gloom. Hyundai’s EV sales were up by 27% year-over-year, making up for 5.1% of all cars sold by the company. Meanwhile, Hyundai expects to sell at least 3,00,000 EVs globally, an increase of 40%.

The company is predicting its latest EV, the IONIQ 6 to account for 20% of all EVs sold by 2023. Bloomberg also reports that Hyundai is mulling an investment in the form of a joint venture to produce batteries in the United States.

Hyundai IONIQ 5 on its way to India

On top of the Hyundai Kona Electric, the company is mulling a slightly more premium SUV in the form of the IONIQ 5. This electric SUV is expected to cost somewhere between Rs 45-55 lakhs (ex-showroom) when it officially reaches Indian shores.

The EV will be available in single-motor and dual-motor configurations, with 58 kWh and 72.6 kWh battery pack options to choose from. The larger battery variant should be capable of running close to 480 kilometres on a full charge.

Source: Bloomberg

Via: Hindustan Times

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