Hyundai aims for 2 million EVs annually by 2030, IONIQ 5 N reveal confirmed

Alexi Falson

Hyundai Motor Company has revealed its financial plans for an accelerated electric vehicle portfolio during its ‘2023 CEO Investor Day’ in Seoul, while confirming a July reveal for the highly-anticipated IONIQ 5 N.

The company aims to transition towards becoming a smart mobility solution provider and boost its electric vehicle (EV) sales goal to 2 million units by 2030. To achieve this, Hyundai plans to invest KRW 109.4 trillion (AU$124 billion) over the next 10 years, with KRW 35.8 trillion (AU$40 billion) specifically for electrification.

The company plans to optimise production by utilising existing internal combustion engine (ICE) plants for EV production and building new dedicated EV factories as needed.

Hyundai is also developing a new Integrated Modular Architecture (IMA) for its next-generation EV platform, while expanding EV production capacity, battery procurement and investing in next-generation battery tech.

In the lengthy press release, we noticed that executives had confirmed a July reveal for the IONIQ 5 N, the company’s first battery-electric performance vehicle.

So far, little is known about the IONIQ 5 N, other than the fact it will come packing Hyundai’s ‘Virtual Gear Shift’ system first featured on the IONIQ 6 N (RN223) prototype and a drift mode.

Outputs around the 450kW mark are expected, giving it a slight edge over the Kia EV6 GT which produces 430kW, with the Ioniq 5 N set to pick up a bespoke suspension system, new wheels and a host of sporty elements inside and out.

No exact date has been revealed, but Hyundai says we can expect to see the IONIQ 5 N officially revealed some time in July.

At its Investor Day, Hyundai also announced plans to invest heavily in the arenas of autonomous driving tech, software, robotics, advanced air mobility, and even hydrogen powertrains.

Interestingly, Hyundai says part of its autonomous driving advancements will see an IONIQ 5-based driverless robotaxi operating in Las Vegas by the end of the year.

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