Hyundai strengthening EV presence with innovative products, says GlobalData

Following the news that South Korean auto giant Hyundai is promoting its new electric car Ioniq 5, which has bidirectional charging technology and can power home appliances;

Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers her view:

“Hyundai has marked itself as a leader in EV technology and innovation despite late entry into the business. The company recently introduced its first dedicated EV platform Electric – Global Modular Platform (E-GMP) and is set to launch its IONIQ 5 EV based on the platform.

“A key challenge to the mass adoption of EVs is the range anxiety making customers to stick to their conventional fuel vehicles. However, EVs with capability to supply power conveys message about the growth that automakers and tech companies has made with regards to EV batteries and that EVs have something more to offer than just being a means of mobility.

Apart from Hyundai, Mitsubishi also introduced a system that lets an EV power a home using solar panels, battery and bi-directional charger. Similarly, several technology companies are working on vehicle-to-grid (V2G) technology that will bring in new business model for EVs in the future.

“Innovative products and standout features will help Hyundai to improve its position in the global EV market. While the product will cater the needs of specific segment such as camping, it also showcases capabilities of an EV and that the future is electric. Innovation and development in the sector will help automakers to attract customers and increase acceptance of EVs.”