Hyundai to build more hybrids to counter slowing EV demand
The world’s number three carmaker aims to grow sales 30% by 2030 by doubling number of hybrid models
28 August 2024 - 10:31
byHeekyong Yang and Joyce Lee
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Hyundai said it planned to expand its hybrid lineup, which includes the Tucson plug-in hybrid (pictured), to 14 models.
Picture: SUPPLIED
Hyundai Motor said on Wednesday it was targeting annual global sales of 5.55-million vehicles by 2030, up 30% from 2023, as it plans to double its hybrid lineup to counter a slowdown in global electric vehicle demand.
The world’s number three carmaker by sales, along with affiliate Kia, announced its mid- to long-term goals and strategy at its CEO Investor Day.
Shares in Hyundai rose 4% after the announcement, having traded flat beforehand.
Hyundai said it planned to expand its hybrid lineup to 14 models from seven as it expected a surge in hybrid demand, especially in North America. It did not provide a timeline for the release of the new cars.
The South Korean carmaker said it aimed to introduce extended-range electric vehicle (EREV) models in North America and China, and planned mass production of new EREVs in the regions by end-2026.
Hyundai added that it planned to produce hybrid vehicles at its new Georgia, US factory along with EVs.
Hyundai also announced the commercialisation of an autonomous driving vehicle foundry business that will sell autonomous vehicles to various global software companies.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Hyundai to build more hybrids to counter slowing EV demand
The world’s number three carmaker aims to grow sales 30% by 2030 by doubling number of hybrid models
Hyundai Motor said on Wednesday it was targeting annual global sales of 5.55-million vehicles by 2030, up 30% from 2023, as it plans to double its hybrid lineup to counter a slowdown in global electric vehicle demand.
The world’s number three carmaker by sales, along with affiliate Kia, announced its mid- to long-term goals and strategy at its CEO Investor Day.
Shares in Hyundai rose 4% after the announcement, having traded flat beforehand.
Hyundai said it planned to expand its hybrid lineup to 14 models from seven as it expected a surge in hybrid demand, especially in North America. It did not provide a timeline for the release of the new cars.
The South Korean carmaker said it aimed to introduce extended-range electric vehicle (EREV) models in North America and China, and planned mass production of new EREVs in the regions by end-2026.
Hyundai added that it planned to produce hybrid vehicles at its new Georgia, US factory along with EVs.
Hyundai also announced the commercialisation of an autonomous driving vehicle foundry business that will sell autonomous vehicles to various global software companies.
Reuters
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