- Hyundai Motor recently held its annual Investor Day, where CEO Jaehoon Chang outlined the company’s updated strategy to electrification on the road to 2030 – which it has named the ‘Hyundai Way’.
- This includes a target to hit 2m annual global EV sales, by 2030.
- Meanwhile, 21 distinct EV models will be offered by the same year – ranging from the budget end all the way up to the premium and luxury segments.
Hyundai’s mid-term EV plan uncovered
Only specifically for North America and China, Hyundai feels that a bridging gap is needed before full electrification. Here, it will launch a number of what it calls EREV models, which are essentially electric cars, with the addition of an ICE motor used solely for recharging the batteries, allowing a range of around 900km. The manufacturer hopes that this will allow consumers to ‘naturally transition’ to fully-electric models, at a later date. Of course, that strategy differs in regions such as Europe, where Hyundai hopes for fully-electric models to account for 20% of its total sales, by 2025.
Hyundai also plans to continue expanding its luxury EV offerings through its Genesis sub-brand, to compete with brands such as Mercedes-Benz. Therefore, expect a significant number of those 21 EVs by 2030 to be Genesis-branded models, existing alongside Hyundai’s electric-only IONIQ marque. Additionally, it confirmed that its N performance division will continue to bring out sporty takes on its EV models, following in the steps of the IONIQ 5 N. Exactly which models will benefit from the N treatment is yet to be seen, but something like an INSTER N could be a credible rival to other electric hot hatches such as the Alpine A290 and Mini Cooper SE.
It also plans to open another dedicated EV plant in Ulsan, South Korea, by 2026, which will help deliver on this increasing number of electrified models. That particular factory is set to have an annual production capacity of 500,000 EVs.
Hyundai CEO, Jaehoon Chang, announced:
“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.”
