Hyundai plans to launch EVs in 2022, an effort to accelerate electrification

Following the introduction of electric cars for each of its brands, Hyundai Motor Group said that it will accelerate its electrification plan this year. Hyundai's Ioniq 5, Kia EV6, and Genesis' GV60 from last year are among them.

The South Korean carmaker stated that it will concentrate its efforts on electric vehicles rather than internal combustion engines. The company has also increased its electric vehicle sales target from one million in 2025 to 1.7 million in 2026. The corporation also stated that it has undertaken reorganisation and investment in order to meet its electrification objective.

The powertrain division has been renamed the electrification division, and a new battery development centre has been developed, according to Hyundai Motor. Instead of abandoning the engine development centre, the company said it will merge it with the electrification business.

The corporation also moved teams from the engine development centre to different organisations inside the research and development centre to continue working on engine development. This reorganisation, according to a business representative, is taking place to focus on the company's electrification aims.

On Monday, the business stated that global sales for 2021 were 3.89 million vehicles, compared to a target of four million vehicles. The cause for the drop, according to the brand, is the continuous semiconductor scarcity. The carmaker has set a sales goal of 4.32 million vehicles for this year.

In a statement, the business stated that it will focus on growing its market share this year while also working to improve profitability by stabilising semiconductor supply and demand. The brand will also change car manufacturing schedules, boost electric vehicle lineups, and optimise sales profit and loss per area, according to the statement.

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