Target sales of 400,000 'de-engine Genesis' by 2030
100% U.S.-China/European line-up in 20 years to switch to electric cars
High Efficiency and High Performance Next Generation Lithium Ion Battery Development Power Diagram
Hyundai Motor Group's premium brand Genesis will release all new cars as hydrogen and pure electric vehicles from 2025 to achieve carbon neutrality in 2035. By 2030, the company will complete its lineup of eight hydrogen and electric vehicles and stop selling internal combustion locomotives. Its strategy is to proactively respond to global carbon neutral acceleration centered on the U.S. and Europe and to grow into a 'smart mobility solution' company that creates sustainable and high added value by preoccupying luxury electric vehicle markets.
Genesis released a video titled "Future Genesis" on its online channel on the 2nd, which contains the brand's vision of electricization.
Hyundai Motor Group Chairman Chung Eui-sun said in the video, "Genesis is recognized as a global luxury brand with its completed lineup and outstanding merchandise. This announcement marks the beginning of Genesis' bold journey and depicts a sustainable future that will lead through innovative visions." Chairman Chung's appearance at events related to the Genesis brand came about five years and 10 months after he appeared at the Genesis launch event under the title of vice chairman in November 2015.
The core of Future Genesis is not only a battery-based pure electric vehicle that will lead the future eco-friendly car market, but also a dual-electricity strategy in which Hyundai Motor Group releases hydrogen car models based on hydrogen fuel cells with the world's best technology.Genesis explained that it will make all-out efforts to develop new fuel cell systems with high power and high performance and next-generation lithium-ion batteries. If Genesis stops releasing new internal combustion engines from 2025 and completes its lineup of eight hydrogen and electric vehicles by 2030, internal combustion locomotives will naturally go into the process of discontinuation from 2030. Genesis also presented its goal of selling 400,000 units globally in 2030, which is interpreted as a sign that it will sell 400,000 units of hydrogen and electric cars annually.
Industries are paying particular attention to Genesis hydrogen cars. This is because hydrogen cars, which were only released as commercial vehicles or utility vehicles, are expanding their scope to high-end and high-performance cars.
Genesis is planning to achieve carbon neutrality for the first time among group companies by 2035, by innovating all value chains including raw materials, parts, and production processes along with the completion of its electric vehicle lineup.
Genesis has advanced its de-engine clock as countries are rushing to move toward carbon neutrality. It is seen as an aspiration to accelerate innovation in an era of "shape survival" in which only the quick survive.
Genesis also introduced its first dedicated electric vehicle model GV60, which unveiled its image last month. The GV60 is the brand's first dedicated electric vehicle model with dedicated platform E-GMP and is expected to be released in the second half of this year. In addition, the company also unveiled a variety of future concepts, including stage doors where B pillar (posts between front and rear doors) disappear and front and back doors face each other and wide open in opposite directions, swivel seats with rotating seats, and a heating system inspired by traditional ondol. It also introduced a brand film called "Design for Your Mind," which expresses the expansion of the design area. At the end of the video, Genesis' aviation mobility appeared.
Analysts say that Genesis's advance in the global market contributed to Hyundai Motor Group's adoption of the electricization strategy. Sales of both Hyundai Motor and Kia Motors fell last month, while Genesis saw sales rise 265.8 percent from the same period last year. Genesis is likely to sell more than 200,000 units this year and aims to sell more than 400,000 units by 2030. The G80 electric model, which was launched in Korea in July this year, is also gaining popularity, surpassing 2,000 cumulative contracts.
De-insulated combustion engines are becoming an irresistible trend in the automotive industry. This is because carbon emission regulations are being tightened in Europe and other countries, and major governments and local governments around the world are taking measures such as not allowing internal combustion locomotives to pass. The European Union has effectively banned the sale of internal combustion locomotives since 2035, and the U.S. said it would convert 50 percent of new car sales in the U.S. into zero carbon emission vehicles by 2030. China, the largest market, has also decided to fill 50 percent of new cars with electric cars and the remaining 50 percent with hybrid cars from 2035.
The fact that major governments are spending huge amounts of money on eco-friendly cars in the process of boosting the economy to overcome the Corona 19 crisis is also adding to the trend. According to market research firm IHS, annual sales of electric vehicles in the U.S. are expected to grow rapidly from 300,000 units last year to 3.2 million unitsin 2025. In response, Hyundai Motor announced a plan to invest 7.4 billion U.S. dollars in the U.S. over the next five years by 2025.
Starting with Genesis, Hyundai Motor Group affiliates are expected to accelerate their electric watches. Previously, Hyundai Motor announced its plan to achieve 8-10 percent market share by filling all of its product lineups with electric cars in key markets such as Europe, the U.S., and China by 2040. Through 'Plan S', Kia is planning to establish a lineup of 11 electric vehicles by 2025 and achieve 6.6% of global market share and 25% of eco-friendly car sales. Hyundai Motor Group is scheduled to announce its carbon-neutral vision at the motor show "IAA Mobility 2021" in Munich, Germany, on June 6 (local time).
"Hyundai Motor was planning to continue its internal combustion engine capacity for the time being in consideration of demand from emerging markets such as Southeast Asia and Africa, but the eco-friendly car market is expected to open faster than expected, accelerating the transition time," said an official from the automobile industry.
The three major U.S. automakers are pushing for an electric vehicle strategy based on the support of the Joe Biden government, while other major global carmakers, including Toyota and Volkswagen, are also preparing for an era of eco-friendly cars, investing huge amounts of money to make the transition to complete electric vehicles within five to 10 years.
According to major foreign media outlets, the U.S. government sees electric cars as a key part of the future industry and is stepping up support. In 2030, U.S. President Joe Biden issued an executive order to make half of the cars sold in the U.S. as electric cars, and is also working on building detailed infrastructure, including a plan to install 500,000 charging stations for electric vehicles across the U.S. The U.S. government's electric vehicle policy is expected to be carried out steadily in the mid- to long-term as it also keeps China in check, the world's largest electric vehicle market.
U.S. automakers are also making every effort to invest in electric vehicles based on government support. First of all, GM announced in January that Chairman Mary Barra attended CES 2021 to increase the proportion of electric vehicles by 40 percent by 2025, and plans to invest 35 billion U.S. dollars over five years. In particular, GM will work with LG Energy Solution to build large-scale joint factories in Ohio and Tennessee in the U.S. to mass-produce batteries, which are key components of electric vehicles. Stellantis aims to go a step further and convert all vehicles to electric vehicles that will be released in 2025.Along with GM and Stellantis, Ford, a leading U.S. automotive manufacturer, is also accelerating the transition of electric vehicles around its flagship sport utility vehicle (SUV). To this end, Stellantis and Ford are working together with Samsung SDI and SK Innovation, which are South Korean battery makers.
Toyota, the world's No. 1 automaker in sales last year, is also pushing ahead with its electric vehicle strategy to take the lead. Until now, Toyota has been targeting the eco-friendly car market with hybrid vehicles represented by Prius and has not released electric vehicle models. This is because they are competitive enough to take the lead in global markets for finished cars without having to sell electric cars. Toyota, in particular, has not put its electric vehicles on the market, but is considered to have a fairly high level of technology. Because it already internalizes all-solid battery technology as it has strengths in hybrid cars, it is possible to produce high-performance electric vehicles. In addition, Toyota recently announced its plan to build a hydrogen fuel cell production line for commercial vehicles at its plant in Kentucky in the U.S. by 2023.
Volkswagen's strategy for eco-friendly cars, the second-largest automaker after Toyota, is to internalize batteries. The company aims to increase the proportion of electric vehicles to 50 percent by 2030, and the investment for this is 73 billion euros (100 trillion won), the largest among major carmakers. Volkswagen aims to build its first battery plant in Germany next year, four in Europe by 2030, and also in the United States and China. However, there is an analysis in the industry that Volkswagen, the auto powerhouse, is not used to producing batteries in the chemical sector, so it can find a new partner.
Along with Volkswagen, Mercedes-Benz and BMW, which represent the German automotive industry, are also making every effort to produce electric vehicles. First of all, Mercedes-Benz is preparing to convert100% of its electric vehicles by 2030 after completing research on internal combustion engines in 2025. Its strategy is to add electrified versions to all models between 2025 and 2030 to expand consumers' choices and sell only electric vehicles from 2030. In particular, Mercedes-Benz is known to be preparing to produce electric vehicles based on expensive models as it has a brand identity of luxury cars.BMW will also announce its vision to supply 10 million electric vehiclesover the next 10 years at the "IAA Mobility 2021" in Munich, Germany, on the 6th (local time). In particular, BMW is expected to unveil two electric vehicle models soon to be released at the exhibition, drawing keen attention.
Jeong Eui-sun's (Cheif of Hyundai Motors) "Bold Innovation"...Genesis will release only electric and hydrogen cars in four years.
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