Hyundai, the early winner from the fuel cell, is constantly watching the electric rise from Tesla. and as a response to this, it is now going on a head-on competition in the battery power in the market with the US rival.
Hyundai, a South Korean company, is now planning to bring about two production lines for the electric vehicles. The one shall come next year while the other is for 2024. This decision is upon the market after an extensive series of meetings with companies like Hyundai motor group, Kia, Samsung, LG, and SK. These companies are well known for making batteries and electronic parts. The main focus of the meeting was to secure the batteries in this great time. These manufacturers are also in contact with Tesla and the Volkswagen group and the general motors. And Hyundai will not want to get scares in the supply during the production time.
This indicates clearly that Hyundai is an aggressive mode to expand its electrical vehicle market soon. Also, it aims now to sell 1 million batteries of electric vehicles per year and grab one of the greatest sports in the group global market share of over 10% in the upcoming years. The Hyundai claims that they are never going to fall behind. To prove its worth, they shared the data that the group sold 86000 434 batteries for electric vehicles last year.
So I can clearly say that we are going to witness a great competition ahead in the electrical market.