Hyundai plans new EV platform

cros13

http://www.reuters.com/article/us-hyundai-motor-electric-idUSKBN17107N

South Korea's Hyundai Motor Co (005380.KS) is developing its first dedicated architecture for electric vehicles, an executive told Reuters, seeking to catch up with the likes of Tesla in the growing segment with multiple, long-range models.

'bout time.

While the platform will not be completed soon, Hyundai Motor and affiliate Kia Motors Corp (000270.KS) plan to roll out small electric sport utility vehicles (SUVs) based on an existing underpinning next year, said Lee Ki-sang, who leads Hyundai-Kia's green cars operations.

That would be the Niro Electric, which may also come as a Hyundai ix25.

The separate platform represents a major push into the battery electric-car segment for a firm which has long trumpeted rival fuel-cell vehicles, reflecting strong investor pressure to compete more vigorously in a market that has been stimulated by U.S.-based Tesla Inc's (TSLA.O) longer-range models.

The investors are making us do it, i.e. the Daimler defense.

Hyundai's electric-car platform would allow the automaker to install a battery pack in vehicle floors to accommodate more battery capacity and maximize cabin space, Lee said.

As nature intended.

"The electric-vehicle platform will require high up-front investments but we are doing this to prepare for the future," he said at Hyundai-Kia's green car research center in the city of Yongin, outside Seoul. He did not reveal the cost.

Lee, a senior vice-president at Hyundai Motor, was speaking during an interview on the eve of an auto show that kicked off in Seoul on Thursday.

Analysts said Hyundai had no choice but to join the likes of Tesla, General Motors Co (GM.N) and Daimler AG (DAIGn.DE) unit Mercedes-Benz in building separate electric-vehicle platforms to be relevant in the segment.

"The separate platform may incur losses initially, but Hyundai will be left behind the market if they don't offer long-distance models, like 300 km, 500 km and 600 km," said Ko Tae-bong, an analyst at Hi Investment & Securities.

Hyundai Motor said in a statement on Thursday that it plans to launch a new luxury electric vehicle under its Genesis marque in 2021, after introducing a plug-in hybrid version of an unidentified Genesis model in 2019.

The plugin is a version of the Genesis G80, won't be offered in europe of course.

Hyundai will launch an electric SUV, followed by a sibling model by Kia Motors next year, Lee said, citing strong demand for SUVs.

The subcompact or compact models would have a range of more than 300 km (186 miles (299.34 km)) per charge, and would be "more competitive" than rival offerings, Lee said.

What testing cycle is the question....

Kia Motors was also working on its first fuel cell vehicle, following Hyundai Motor's lead in the segment, Lee said.

That would be the non-existent segment with no long term future (because... math).

Limited charging infrastructure and problems with battery technology, such as lengthy charge times on long-range vehicles, were also holding back demand, he said.

They know this from their extensive experience of building and selling desirable long range electric vehicles in absolute secrecy. So secret that there's no evidence of it....

What he's referring to here obliquely is the restrictions on charging time required for subsidies in Korea, paradoxically if you managed to make a €10k RRP 200kWh 800km range EV it would be disqualified because it would take more than 10 hours to charge from empty via a standard household plug (when owners of such a car would obviously never be charging it like that).

Lee expected electric vehicles to account for about 10 percent of total global vehicle sales by 2025, from some 1 percent now, with China leading the way. Fuel-cell cars, by comparison, were unlikely to take off until 2025 but had long-term potential.