Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Seoul-based automaker Hyundai aims to triple the sale of electric vehicles (EVs) and estimates a sales share of 2pc from EVs by 2025.


Additionally, the carmaker estimates, SUVs will contribute to 55pc of sales, the compact segment will contribute to 36pc sales and sedans will contribute to 7pc sales by 2025.


The auto-manufacturer is hoping to diversify its EV line-up to cater to changing market trends. In India, Hyundai is showcasing Ioniq 5, the company’s first model under the ‘Ioniq’ electric sub-brand. The model is fitted with its homegrown E-GMP EV platform and was released earlier this year. The company plans to release an upgraded Ioniq 6 by 2022.


Hyundai plans to sell 160,000 EVs across eight different models, including the Genesis EV, this year and expects to expand the line-up to 12 models and sell 560,000 EVs by 2025. The company targets to start a trial run to mass produce EV batteries by 2025 with a goal to start production by 2030.


Currently, global EV sales are estimated to exceed 10mn units by 2025 but Hyundai believes, sales will surpass this estimate due to a significant rise in demand for electric and battery-powered vehicles.

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