On Wednesday, in a statement South Korea’s Hyundai Motor Group stated, early next year it will introduce an electric vehicle-only platform which will use its battery technology to cut production time and costs.

The plan by Hyundai Motor Group, the world’s No.5 auto group, aims to become a major player in the global EV market, and comes in the wake of global carmakers pouring in billions of dollars in investment to improve battery technology, which keeps EV prices high compared with combustion engine models.

In September, Tesla stated it aims to halve the cost of its EV batteries and bring more production of the key auto component in-house to lower EV prices to $25,000 each.

Hyundai expects its dedicated Electric Global Modular Platform (E-GMP) will allow it to use its own battery module technology across various EV models and cut the number of components by 60%.

“E-GMP will be highly effective in expanding the Group’s EV leadership position as it will enable the company to enlarge its EV line-up over a relatively short period through modularisation and standardisation,” said Hyundai a statement.

An electric vehicle based on the E-GMP platform will offer a driving range of 310 miles (500 kms) on a single charge, an improvement of at least 23% from the Kona EV, the longest driving range model among Hyundai’s EV lineups.

Along with Kia Motors, Hyundai Motor aims to sell together 1 million EVs in 2025 to become the world’s third biggest seller of EVs.

The company has promised to introduce 23 new EVs including 11 all-electric models by 2025 and plans to introduce a family of EVs under its Ioniq brand from 2021 to spearhead its near-term transition toward EV production.