Hyundai Motor is developing extended-range electric vehicles (EREV) that will combine the advantages of internal combustion engines (ICE) and EVs. At 2024 CEO Investor Day, the Korean carmaker said the EREV will be priced competitively over EVs and offer a range of over 900 kilometres using combustion and battery as the source.
Hyundai Motor plans to begin mass production of the new EREV in North America and China by the end of 2026. To address the EV deceleration, Hyundai will expand its hybrid and new EREV offerings.
The company hopes EV sales will rise by 2030-end. Along those lines, Hyundai Motor aims to build a full lineup of EVs, from affordable EVs to luxury and high-performance models, and launch 21 models by 2030. “Building on our advanced technology and dedication to innovation, we aim to secure a leading position in the market as the adoption of electrified vehicles gains momentum,” said Jaehoon Chang, President and CEO of Hyundai Motor Company.
Hyundai Motor plans to expedite the development of next-generation batteries, including solid-state batteries. The company is set to continue development in its next-generation battery research building, which is scheduled to open at Hyundai Motor's Uiwang Research Institute later this year.
The company also plans to apply the battery CTV (cell-to-vehicle) structure optimized for the company. In the CTV structure, by integrating the battery and the vehicle body, the company can improve battery integration and performance, reducing parts to lighten the weight by 10 per cent compared to the previous CTP (cell-to-pack) system.
By 2030, Hyundai Motor aims to not only use current performance-based NCM (nickel-cobalt-manganese) batteries and low-cost LFP (lithium-iron-phosphate) batteries but also develop a new, affordable NCM battery to provide a wider range of solutions. This new entry-level battery will first be implemented in volume models, with the company anticipating a battery performance enhancement of over 20 per cent by 2030, through ongoing improvements in battery energy density.
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