The Hyundai Motor Group unveiled its next-gen EV platform this week, designed to support 13 new EV models from the Hyundai, Kia, and Genesis brands. Hyundai’s CEO confirmed the new platform will allow the automaker to produce EVs in all segments, including electric trucks.
During its 2023 annual investor day, Hyundai said it’s leveraging its established position “amidst a seismic change in the industry” with a KRW 35.9 trillion ($27.8 billion) investment to advance EVs.
Hyundai has taken advantage of the shift so far, introducing new electric models with bold designs and advanced technology, including the IONIQ 5 electric SUV and Kia EV6 crossover.
Between the IONIQ 5 and IONIQ 6, Hyundai’s first two dedicated EVs, the automaker recorded over 100,000 in global sales last year. The group (including Kia and Genesis) plans to become a top three EV producer by the end of the decade.
The investment will help it reach its new target of hitting two million in EV sales annually by 2030. A big part of the transformation will include its Integrated Modular Architecture (IMA) for next-gen EVs.
Is Hyundai or Kia developing an electric truck?
Set to replace Hyundai’s current E-GMP platform, the IMA is a “significant advancement’ enabling maximum flexibility. The IMA platform will cover more than mid-size SUVs. Instead, Hyundai’s CEO Jaehoon Chang explained:
It encompasses nearly all vehicle classes, ranging from small and large SUVs to pickup trucks, along with the flagship models of the Genesis brand.
Although no other details of the EV pickup were offered, Hyundai’s sister company, Kia, has already announced plans to introduce two electric trucks to its lineup.
During its investor day last year, Kia revealed it planned to launch at least two EVs per year as it works toward a full lineup of 15 electric models by 2027, including two electric pickups. One will be a dedicated electric pickup truck, while the other will be a strategic model for emerging markets.
After releasing its first three-row SUV, the new flagship EV9 (which began deliveries in South Korea this week), Kia revealed plans to introduce an EV in every segment with support from Hyundai’s new platform.
On the other hand, Hyundai could be developing an electric truck under its own brand, with its first pickup (the Santa Cruz) gaining momentum in the US. It could even be a Genesis electric truck.
Electrek’s Take
Top comment by Tracy Principio
The first time I saw a Santa Cruz in a showroom I thought, "If that's electric and my wife finds out, she'll trade in her Kona Electric on the spot". Thankfully the Santa Cruz wasn't an EV but it did make me think Hyundai missed a great opportunity.
Hyundai (and Kia) see the opportunity with electric trucks. Its first truck on the market, the Santa Cruz, continues seeing rising sales (up 12% YOY in May) after sales climbed 263% in 2022.
More importantly, nearly every electric truck released in the US so far is seeing overwhelming demand that automakers are still working through years of backlog. With recent battery advancements, electric trucks are more capable than ever, with long-range and towing capabilities.
If Hyundai or Kia put an electric truck out at the right price, it would find a market in the US, in my opinion.
What do you think? Would you buy a Hyundai or Kia electric truck? Let us know in the comments.
FTC: We use income earning auto affiliate links. More.
Comments