Hyundai Motor Company plans to become one of the world's top three electric vehicle manufacturers by 2030 by investing heavily in research and development, building new plants and platforms, and expanding its EV lines and production capacity. The company's EVs are currently developed on an advanced bespoke EV platform, the Hyundai Electric Global Modular Platform (E-GMP). Hyundai's Ioniq 5 crossover SUV was the first model in Hyundai's EV-focused sub-brand Ioniq to be developed on the E-GMP. Hyundai subsequently launched the Ioniq 6 sedan model in 2022, and an EV platform scales the production of future models and reduces development and manufacturing costs.

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