Hydrogen champion Hyundai races to electric as Tesla takes off
Last updated on: 28 July,2020 09:19 am
Hyundai plans to introduce two production lines dedicated to electrics vehicles.
SEOUL (Reuters) - Hyundai Motor Co, an early backer of hydrogen cars, has watched the electric rise of Tesla, including on its home turf. Now’s it’s going on the offensive in the battery-powered market led by its U.S. rival.
The South Korean company plans to introduce two production lines dedicated to electrics vehicles (EVs), one next year and another in 2024, according to an internal union newsletter seen by Reuters.
Euisun Chung, leader of the Hyundai Motor Group conglomerate that also includes Kia Motors, has also held a series of meetings since May with his counterparts at Samsung, LG and SK Group, which make batteries and electronic parts.
The purpose of the talks, which were publicly announced, was for Hyundai to try to secure batteries at a time of tight supply as the race for EVs intensifies, according to several industry sources. Those manufacturers also supply the likes of Tesla (TSLA.O), Volkswagen (VOWG_p.DE) and GM (GM.N).
Hyundai told Reuters it was collaborating with Korean battery suppliers “to scale up” its electric car production efficiently. It declined to comment on any plans to introduce dedicated production lines.