Hyundai Unveils New Hybrid Strategy, Aims for 14 Models by 2030

Hyundai Motor Company has announced its new 'Hyundai Way' strategy at the 2024 CEO Investor Day, outlining plans for significant investment in electrification and mobility advancements while setting ambitious global sales targets.

The South Korean automaker aims to achieve 5.55 million annual global sales by 2030, representing a 30% increase from 2023 figures. Additionally, Hyundai targets selling 2 million electric vehicles (EVs) per year globally by 2030.

As part of its product development strategy, Hyundai plans to launch new Extended Range Electric Vehicle (EREV) models with over 900 km range, with mass production expected in North America and China by 2026. The company also intends to offer a comprehensive lineup of 21 different EV models by 2030, encompassing affordable, luxury, and high-performance options.

Hyundai will expand its hybrid offerings from 7 to 14 models, including Genesis luxury brand hybrids. The company will introduce a next-generation TMED-II hybrid system to enhance performance and efficiency.

To support the 'Hyundai Way' strategy, Hyundai plans to invest CAD 121 billion from 2024 to 2033. This investment will be allocated as follows: CAD 54.5 billion for research and development, CAD 51.6 billion for capital expenditure, and CAD 14.4 billion for strategic investments.

Hyundai is focusing on battery technology developments, including plans to develop affordable NCM batteries and strengthen safety technology. The company aims to achieve the highest battery performance and profitability by 2030.

As for autonomous driving, Hyundai is forming an autonomous vehicle foundry to cater to global software firms. The company is strategically focusing on developing a Level 4 autonomous driving platform for commercial sales.

As part of its commitment to addressing climate change, Hyundai plans to enhance its hydrogen technology capabilities across its operations. Future efforts include launching new hydrogen initiatives under its HTWO brand.

The company will continue to evolve its investment strategies and product offerings to address changing market conditions and consumer demands, with a specific focus on ensuring profitability in a competitive EV landscape.