Hyundai Way strategy: 21 EV models by 2030

SEOUL: At its 2024 CEO Investor Day, Hyundai Motor Company unveiled its new mid- to long-term strategy, the ‘Hyundai Way’.

“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,” said Jaehoon Chang, President and CEO of Hyundai Motor Company.

“Hyundai will strengthen its position as agame changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realizing a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition.”

Hyundai Motor details a flexible response approach to market conditions and focus on electrification through its ‘Hyundai Way’ strategy.

- Targeting 5.55 million annual global sales by 2030, up 30% from 2023
- Aiming to sell 2 million EVs per year globally by 2030
- Plan to introduce new Extended Range Electric Vehicle (EREV) models, a new type of EV with a range of more than 900 km on a single charge, in North America and China
- Aiming to offer a full lineup of 21 EV models by 2030, ranging from affordable to luxury and high-performance
- Introducing enhanced next-generation hybrid system with improved performance and fuel efficiency
- Plans to expand HEV offerings to 14 models from the current seven; Genesis luxury brand will also offer hybrid models
- Continuously pushing for battery technology internalization; develop affordable Nickel Manganese Cobalt (NMC) batteries and strengthen safety technology
- Plans to commercialize autonomous driving vehicle foundry business; to supply autonomous vehicles to global autonomous driving software firms
- Aiming to secure top-tier energy leadership during the energy transition period by strengthening Group-wide hydrogen technology capabilities across the value chain

Implementing a full hybrid lineup expansion and next-generation TMED-II hybrid system

Hyundai Motor has been at the forefront of the hybrid market for years with its proprietary TMED hybrid system.

Yhe company will expand the application of its hybrid system beyond compact and midsize cars to small, large and luxury vehicles, effectively doubling its current range from seven
to 14 models.

This expansion will encompass not only Hyundai vehicles but also its luxury brand, Genesis, which will offer a hybrid option for all models, excluding those that are exclusively electric.

The company will also introduce the next-generation TMED-II system.

This enhanced version of its existing hybrid system has achieved the world’s highest level of competitiveness by significantly improving performance and fuel efficiency compared to the existing system.

This system is slated for integration into production vehicles starting from January 2025.

Future hybrid vehicles will be equipped with premium technologies such as smart regenerative braking and V2L, enhancing product value and cementing Hyundai Motor’s standing in the market with superior product quality.

Leveraging its enhanced hybrid capabilities, Hyundai Motor aims to significantly boost the sales of its hybrid vehicles.

By 2028, its goal is to sell 1.33 million units, an increase of over 40 percent of its global sales plan from the previous year.

The company anticipates a surge in hybrid demand, particularly in North America, where it plans to increase its hybrid vehicle volume to 690,000 units by 2030.

It will tailor its hybrid sales expansion to meet the demand in each region, including Korea and Europe.