Hyundai Motor Group said it aims to export more than 100,000 electric vehicles (EVs) this year, driven by growing demand in major regional markets such as Europe.
In the first 10 months of 2020, the South Korean automotive group exported 98,505 EVs under the Hyundai and Kia brands, a 71% increase on the 57,517 units exported in the same period of last year.
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Hyundai’s Kona Electric accounted for 42% of these exports, or 41,384 units, with other models including the Hyundai Ioniq Electric, the Kia Soul EV and Kia Niro EV accounting for the remainder.
A Hyundai spokesman said “stricter emission regulations in Europe have helped drive up demand for all-electric and low-emission models”.
Recent industry data shows Hyundai Motor Group was the world’s fifth largest producer of EVs in first seven months of 2020 with a 7% global market share after Tesla, Volkswagen Group, Renault, Nissan and SAIC Motor.
Hyundai Motor Group has set a target of selling 1m EVs by 2025, for a global market share of 10%, with plans to put into mass production models based on its newly developed electric global modular platform (E-GMP) from next year. It plans to launch 44 eco-friendly vehicles under the Hyundai, Kia and Genesis brands by 2025, including 23 all electric models.
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By GlobalDataIn a separate report, the South Korean ministry of trade, industry and energy said it would make available grants totaling KRW1.44bn (US$1.29m) in the next five years to train up to 480 personnel involved in the development of eco friendly cars to use sustainable resources.
