While Hyundai is currently focused on hybrid and extended-range vehicles, it remains committed to its goal of selling 2 million electric and hybrid vehicles by 2030.
Hyundai outlined its future strategy during the 2024 Investor Day, which includes doubling its hybrid vehicle lineup and introducing extended-range vehicles that use a gasoline engine to charge the battery while in operation, in response to the global decline in electric vehicle demand. Although Hyundai has not changed its sales targets for electric and hybrid vehicles, the company is committed to launching a series of new electric vehicles in the coming years.
According to the 'Hyundai Way' plan, the automaker aims to increase its total sales from 4.21 million units in 2023 to 5.55 million units by 2030, including a target of 2 million electric vehicles through the launch of 21 fully electric and hybrid models by the end of the decade, ranging from affordable to luxury high-performance vehicles.
Despite competitors scaling back their previous electric vehicle sales goals, Hyundai acknowledges the recent slowdown in electric vehicle demand and will respond to this trend by introducing extended-range models.
The Extended Range Electric Vehicle (EREV) system includes a battery, electric drive motors, and a small combustion engine functioning as a generator.
Hyundai claims that its electric hybrids will offer a range exceeding 900 kilometers, reducing reliance on charging networks compared to electric vehicles. Meanwhile, its electric hybrids will be cheaper than electric vehicles, as they will use smaller capacity batteries. The automaker aims to sell over 80,000 hybrid vehicles in North America, starting with mid-sized crossover SUVs from Hyundai and Genesis, and another 30,000 hybrids in China focusing on the compact car sector. Mass production is expected to begin in North America and China by the end of 2026, with sales projected to start in 2027. Depending on market conditions, Hyundai will consider further expansion.
Additionally, Hyundai announced it will double its hybrid lineup from 7 to 14 models to cover a broader range of sectors, with the help of Genesis. In response to the anticipated increase in hybrid vehicle demand in North America, Hyundai will manufacture them at its Georgia plant alongside the all-electric Ioniq 5 and the upcoming Ioniq 9.
Adrian is an Editor. Psychology graduate with over 4 years in the automotive industry, 3 in front of the camera. Occasionally seen at his family owned tyre shop. He will only buy cars that pass the big bottle test.
