AGENCIES, Seoul: US-based two-year-old start-up EV specialist Canoo has been roped in by Hyundai Motor Group (HMG) to develop a multi-application EV platform for Hyundai and Kia EVs.
As per the deal, HMG will benefit from Canoo’s proprietary skateboard design which the South Korean auto giant says will allow for a simplified and standardised development processes. This aspect in turn will help reduce development costs and vehicle sticker prices significantly.
HMG was attracted the skateboard architecture as it offers functional integration with the battery packs and motors all housed within a unit which can be adapted by the EV designs in different product packaging.
The announcement of the investment forms part of HMG’s US$ 87bn investment over the next five years. From this kitty, US$25b will be spent by Hyundai on future technologies, and the same amount by Kia for electrification and future mobility technologies.
HMG aims to have 25 per cent of sales made up of eco-friendly vehicles by 2025. HMG wants to build 44 electrified models by 2025, including 11 dedicated battery EVs, 13 hybrids, six plug-in hybrids and two fuel-cell electric models.