Hyundai Motor to launch dedicated EV platform

High target: A man looks at a Hyundai EV at the company’s showroom in Goyang. Hyundai Motor and its sister company Kia Motors together aim to sell 1 million EVs in 2025 to become the world’s third-largest seller of EVs. — Bloomberg

SEOUL: South Korea’s Hyundai Motor Group said it will introduce an electric vehicle (EV)-only platform early next year that will use its own battery technology to cut production time and costs.

The plan underscores efforts by the world’s No. 5 auto group to become a major player in the global EV market, as carmakers around the world are pouring billions of dollars of investment to improve battery technology, which keeps EV prices high compared with combustion engine models.