Hyundai Motor has unveiled an ambitious strategy to boost its global annual sales by 30% to 5.55 million vehicles by 2030, with a significant focus on expanding its hybrid and electric vehicle offerings. The South Korean automaker plans to double its hybrid lineup from 7 to 14 models, responding to a perceived slowdown in pure electric vehicle demand, particularly in North America.As part of this strategy, Hyundai will invest $90.1 billion over the next decade in mobility and energy initiatives. The company aims to introduce extended-range electric vehicles (EREVs) with over 900 km range on a single charge in North America and China by 2026, expanding its EV lineup to 21 models by 2030. ‘We are committed to providing a wide range of eco-friendly vehicles to meet the diverse needs of our customers,’ said Hyundai.To support these ambitious plans, Hyundai has announced a 4 trillion won ($3 billion) share buyback program to boost investor returns. The company also plans to commercialize an autonomous driving vehicle foundry business, selling autonomous vehicles to global software companies.Meanwhile, Chinese EV makers are ramping up their efforts to capture market share. Xpeng has launched its first budget sub-brand, MONA, with the M03 electric hatchback starting at $16,813. BYD, China’s largest automaker by sales, aims for international markets to account for nearly half of its total sales in the future, investing billions in factories across Europe, Asia, and South America to avoid trade barriers.These developments come against the backdrop of ongoing trade tensions between China and Canada, with China criticizing Canada’s plan to impose a 100% tariff on Chinese electric vehicles as a ‘typical form of protectionism’. As the global EV market continues to evolve, automakers are adapting their strategies to navigate changing consumer preferences and regulatory landscapes.
Key points
- Hyundai Motor plans to increase global annual sales by 30% to 5.
- The company will invest $90.
- Hyundai aims to double its hybrid lineup and introduce extended-range electric vehicles (EREVs).
- Chinese EV makers like Xpeng and BYD are aggressively expanding their product lines and targeting international markets.
55 million vehicles by 2030.
1 billion over the next decade in mobility and energy initiatives.
Contradictions👾While Hyundai is expanding its hybrid lineup due to perceived slowdown in EV demand, the company still maintains its target of selling 2 million EVs annually by 2030, suggesting a dual strategy approach.
