Hyundai Motor Company has announced its plan to respond to temporary market fluctuations by flexibly adjusting the production of hybrid and electric vehicles. The company will expand its hybrid system, which was previously applied to compact and mid-sized vehicles, to include small, large, and luxury segments, increasing the number of hybrid models to 14. Additionally, Hyundai plans to increase the number of electric vehicle models to 21 by 2030, aligning with the expected recovery in EV demand. The company has set a global sales target of 5.55 million units by 2030.

At the "2024 CEO Investor Day" held on August 28th at the Conrad Hotel in Seoul, Hyundai's mid- to long-term electrification strategy was the most anticipated topic.

In its newly unveiled mid- to long-term future strategy, titled "Hyundai Way," the company emphasized flexible production for hybrids and electric vehicles. While maintaining the overall goal of electrification in the long term, Hyundai aims to adjust the pace according to market conditions. The expansion of hybrid models is a key example of this approach. Hyundai plans to broaden the hybrid system, currently available in seven models, to include small, large, and luxury vehicles, increasing the total number of hybrid models to 14. The Genesis brand, which previously had no hybrid options, will offer hybrid variants for all models except those exclusively electric. From 2025, the next-generation hybrid system (TMED-II), which significantly improves performance and fuel efficiency, will be implemented.

By 2028, Hyundai aims to sell a total of 1.33 million hybrid vehicles globally, a 40% increase over last year's global sales target. The company plans to introduce a mixed-production system by actively utilizing its major global manufacturing hubs and securing the necessary supply chain for hybrid components. The Metaplant America (HMGMA) in Georgia, set to begin operations in the fourth quarter of this year, will produce not only electric vehicles like the Ioniq 5 and the large electric SUV Ioniq 9 but also hybrid vehicles. This is expected to allow Hyundai to respond more swiftly to the growing demand for hybrids in the North American market.

For electric vehicles, Hyundai plans to monitor market recovery through 2030 while gradually increasing the number of EV models. The company aims to secure profitability through hybrids and extended-range electric vehicles (EREVs) while expanding its EV lineup to 21 models by 2030 as demand for electrification is expected to grow. Hyundai plans to establish a full EV lineup, offering a wide range of choices from affordable EVs to luxury and high-performance models, positioning itself as a leader in the upcoming electric vehicle era.

Hyundai has set a target of selling 5.55 million units annually by 2030, including the Genesis brand, a 30% increase over last year's sales performance. Electric vehicles will account for approximately 36% of this total, with 2 million units sold. Hyundai plans to sell 690,000 units in North America and 467,000 units in Europe, its key markets. To strengthen its competitiveness in the electric vehicle market, Hyundai is also focusing on enhancing and internalizing its battery capabilities. The company plans to develop new NCM (nickel-cobalt-manganese) batteries for mass production by 2030 and introduce a battery Cell-to-Vehicle (CTV) structure optimized for Hyundai vehicles.

Jaehoon Chang, President and CEO of Hyundai Motor Company, stated, "Hyundai, in the era of electrification, will be the only company to rapidly introduce a full lineup of electric vehicles, from mass-market brands to luxury and high-performance models. Based on our accumulated top-tier technology and innovation, we will prepare for the upcoming electrification era and lead the electric vehicle market."



<Hongyong Park>