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Back in March 2022, every major automaker was coming out with their new electric vehicle (EV) plans for 2030. Stellantis, Hyundai Motor and Kia Corp, the Renault-Nissan-Mitsubishi Alliance, they were all talking business strategies for the rest of the decade. Now, just over a month later, and it seems like automakers are already making heavy investments into new facilities and production plants to supply their upcoming electrified lineups. Namely, Stellantis and Hyundai Motor Co are making deals and signing partnerships to dominate the EV market.
New EV Facility for Stellantis
Near the end of May 2022, Stellantis and Samsung SDI agreed to build a new EV battery facility in the U.S. With a lot of facilities and plants being put to work in Canada, it’s time for the U.S. to get its own home base. In March 2022, Stellantis has revealed its Dare Forward 2030 business strategy, with plans to release more than 75 battery-electric vehicles (BEVs) over the next eight years. With sixteen brands under the umbrella, the variety sounds expansive. Only 25 of those will make it to the American market, however.
The new partnership between Stellantis and Samsung will support the design and production of this all-new BEV lineup by building a new electric-vehicle battery manufacturing facility, set for construction in Kokomo, Indiana. Starting with an investment of more than $2.5 billion, the two parties intend to gradually invest more into operations over time up to $3.1 billion. With construction starting within the next year or two, the production plant has a goal of capacity of 23 gigawatt-hours (GWh) for the initial annual production in 2025, gradually increasing to 33 GWh over the next few years. The end goal is to have more than 50-percent BEV sales in North America.
Hyundai Motor Co and the Two-Fork Path
The same strategy can be seen with the Hyundai Motor Co (HMG), shaking hands with Joe Biden in Seoul, South Korea, securing a strong partnership with U.S. public and private entities going forward. With EV sales going up, and BEVs becoming a growing group in the automotive market, Kia Corp, and its parent group the Hyundai Motor Co, saw an increase of 132-percent in EV electrified model sales – this includes plug-in hybrid electric vehicles (PHEVs). Nevertheless, more than 100-percent revenue is a great way to invest in future production, and that’s exactly what the automotive group is doing, investing $ 5.54 billion plan to establish its first dedicated U.S. EV and battery manufacturing facility in the State of Georgia. Like Stellantis, HMG has plans to start operations by 2023, with an annual capacity of 300,000 units in 2025, gradually increasing production over the next several years.
Back in 2020, Kia Corp (then Kia Motors) released its Plan S Strategy, a roadmap for adding 11 electric vehicles (EVs) to the lineup by 2025 and obtain a 6.6-percent global EV market share. The second path was starting the production of purpose-built vehicles (PBVs). The automaker’s very first PBV, Kia Niro Plus, a robotaxi, is already in service overseas, and following through with research and production, Kia recently announced the construction of a PBV facility, E-FOREST. We’re seeing a pattern here, because the target goal of E-FOREST is 100,000 PBVs a year for production, increasing over the years as the facility grows to 150,000 units annually. Construction is set for 2023, with production starting in 2025.
It feels like these large automotive groups are following the same playbook. Who will win the final battle for the EV global market? Will it be Stellantis or HMG? Follow along on NowCar social media.