And Hyundai joins the party with 16 models

[[MC]Ronin[MC]]

And Hyundai joins the party with 16 models

The company plans to sell over 500,000 electric vehicles a year by 2025.

Hyundai Motor plans to sell half a million electric vehicles a year by 2025, trying to catch up with competition. Some analysts think the target is too conservative.

This announcement by the world's fifth largest automotive concern comes as another confirmation of the direction of development that was adopted after the appointment of Group Executive Vice President of the Group last year.

A year ago, Hyundai announced a $ 35 billion investment in mobility and other auto technologies by 2025, after a month earlier it had invested $ 1.6 billion in a deal with Aptiv to develop autonomous driving technologies.

Yesterday, the South Korean company said it plans to launch 16 electric models by 2025, which should help increase this kind of car 17 times (from 33,000 in 2018 to 560,000 in 2025). However, this figure will still be below 10% of global sales this year.

Although the growth looks colossal, it is still far from the predictions that made it part of the other big ones. Volkswagen AG expects to produce 22 million e-cars in the next decade, while General Motors targets annual sales of 1 million e-cars by 2026.

"This is not an ambitious goal. If Hyundai fails to accelerate volumes fast enough, electric car prices will weigh on profits, ”says an analyst at Eugene Securities & Investment.

Hyundai is worried that "deliveries of electric vehicles will surpass demand in the second half of next year."