It said on Wednesday it will introduce an electric vehicle only platform early next year on will use its own battery technology to cut production time and costs.

The plan underscores efforts by the world's number five auto group to become a major player in the global e V market.

Car makers around the world are pouring billions of dollars of investment to improve battery technology that's kept Evie prices high compared with combustion engine models, market leader Tessler said in September.

It aims toe half the cost of its E V batteries on bring more production of the key auto component in House to try and lower evey prices to $25,000 each.

Hyundai expects its dedicated electric global modular platform will allow it to use its own battery module technology across models on more than half the number of components.

It's also aiming to offer a driving range of least 500 kilometers, or 310 miles on a single charge.

That's an improvement of at least 23% from its Kona Eve, the longest driving range model among Hyundai's lineups.

The company, though, said it doesn't see the need to make its own battery cells on discontent with its suppliers.

Hyundai Motor and its sister company, Kia Motors, together aimed to sell a million EVs in 2025 that would help them become the world's third largest seller of electric vehicles.