Hyundai Motor eyes 30% rise in sales by 2030 as it doubles hybrid lineup
Shares in Hyundai rose 4% after the announcement, having traded flat beforehand (Photo: Shutterstock)
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 No. 3 automaker by sales, along with affiliate Kia Corp, 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 automaker 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, U.S. 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.
First Published: Aug 28 2024 | 12:31 PM IST