South Korea-based automaker Hyundai Motor is targeting sales of 2 million electric vehicles (EVs) by 2030 with new EVs lineup.
The firm said in a statement on Wednesday that the firm has detailed a flexible response approach to market conditions and focus on electrification through its ‘Hyundai Way’ strategy, and plan to make a significant investment of KRW 120.5 trillion ($90.2 billion) through 2033 to support the strategy.
The strategy included its commitment to enhancing its EV and hybrid competitiveness, advancing its battery and autonomous vehicle technologies, and expanding its vision as an energy mobilizer, responding to the market environment flexibly with its dynamic capabilities.
Under the strategy, the firm is targeting 5.55 million annual global sales by 2030, up 30 percent from 2023.
The company plans to lead the automotive industry while expanding into new business and service areas.
As part of this plan, it is targeting sales of 2 million EVs by 2030, further cementing its global EV leadership.
To achieve its sales targets, Hyundai Motor will open the aforementioned HMGMA ahead of schedule in 2024 and a dedicated EV factory in Ulsan by 2026, adding a production capacity of 500,000 units.
In response to the recent slowdown in EV demand, Hyundai Motor is developing a new extended range electric vehicle (EREV) under its Hyundai Dynamic Capabilities strategy.
The new EREV will combine the advantages of internal combustion engines (ICE) and EVs.
Hyundai Motor has developed a unique new powertrain and
power electronics (PT/PE) system to enable four-wheel drive with the application of two motors.
The operation is powered solely by electricity, similar to EVs, with the engine being used only for battery charging.
Hyundai Motor plans to begin mass production of the new EREV in North America and China by the end of 2026, with sales commencing in earnest in 2027.
In the North American market, the company will initially launch D-class SUV models of Hyundai and Genesis brands to meet the remaining demand for internal combustion engines, with a target of 80,000-plus units.
In China, where price competitiveness is crucial in the eco-friendly car market, Hyundai Motor plans to respond using an economical C-segment platform, with a target of 30,000-plus units.
The company will also review further expansion plans in line with future market conditions.
The company aims to address the EV deceleration by expanding its hybrid and new EREV offerings and gradually increasing EV models by 2030 when a recovery in EV demand is expected.
It aims to build a full lineup of EVs, from affordable EVs to luxury and high-performance models, and launch 21 models by 2030 to provide consumers with various options.
Meanwhile, the firm will introduce enhanced next-generation hybrid system with improved performance and fuel efficiency.
It plans to expand hybrid electric vehicle (HEV) offerings to 14 models from the current seven.
It noted that Genesis luxury brand will also offer hybrid models.
Leveraging its enhanced hybrid capabilities, Hyundai Motor aims to significantly boost the sales of its hybrid vehicles.
By 2028, its goal is to sell 1.33 million units, an increase of over 40 percent of its global sales plan from the previous year.
The company anticipates a surge in hybrid demand, particularly in North America, where it plans to increase its hybrid vehicle volume to 690,000 units by 2030.
It will tailor its hybrid sales expansion to meet the demand in each region, including Korea and Europe.
The expanded regional hybrid deployment plan will secure market portfolio flexibility, it noted.
The firm is also continuously pushing for battery technology internalization.
By 2030, it aims to not only use current performance-based nickel-cobalt-manganese (NCM) batteries and low-cost lithium-iron-phosphate (LFP) batteries but also develop a new, affordable NCM battery to provide a wider range of solutions.
This new entry-level battery will first be implemented in volume models, with the company anticipating a battery performance enhancement of over 20 percent by 2030, through ongoing improvements in battery energy density.
The firm also plans to commercialize autonomous driving vehicle foundry business and to supply autonomous vehicles to global autonomous driving software firms.
This new venture will leverage the company’s hardware development capabilities and manufacturing competitiveness, building on its experience in developing autonomous vehicles through collaboration with Motional and expanding cooperation with global autonomous driving leaders.
The firm is also aiming to secure top-tier energy leadership during the energy transition period by strengthening group-wide hydrogen technology capabilities across the value chain.
The company aims to achieve net zero by 2045, becoming carbon neutral across all stages of production and operation.
This includes implementing renewable energy at work sites and expanding its hydrogen energy business.
“Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system,
“This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centered on mobility and energy,” said Jaehoon Chang, President and Chief Executive Officer of Hyundai Motor Company.
“Hyundai will strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility,
“By enhancing the role of energy business operators and realizing a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition,” he added.
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