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

Korean auto manufacturer, Hyundai, plans to introduce two new production lines focused on electric vehicles (EVs) to compete with other EV makers like Tesla and Volkswagen (VW). 


According to media reports, Euisun Chung, Hyundai’s chairman, said that of the two lines, one will break ground next year while the second one will begin operations in 2024. He added that the production lines will also include products for the company’s subsidiary, Kia Motors.


This plan was announced to secure deals with local Korean EV battery-makers who supply to Tesla and VW, to scale up Hyundai’s EV-manufacturing activity, which is growing at a steady pace. 


Hyundai intends to sell one million units by 2025 for a 10pc share in the global EV market. In 2019, the company sold 86,434 cars in this segment, which was more than the 73,278 units sold by VW. However, Tesla delivered 367,500 cars in the same period. 

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