Hyundai Motor Co., South Korea’s leading automaker, said Wednesday it plans to achieve an annual sales volume of 5.55 million vehicles in 2030.
Hyundai Motor said the sales target represents a more than 30 percent increase compared to its annual sales figure for 2023.
To this end, Hyundai Motor plans to expand production facilities at its global operations, aiming to establish an additional production capacity of 1 million units.
The company plans to invest a total of 120.5 trillion won (US$90.13 billion) from 2024 to 2033 to actively support the execution of the strategy. It represents a 10.1 percent increase compared to Hyundai’s 109.4 trillion investment plan from 2023 to 2032.
A significant focus of the new strategy centers on electric vehicles, with Hyundai aiming to sell 2 million EVs by 2030, accounting for approximately 36 percent of its total vehicle sales.
Of these, the company plans to sell 690,000 units in North America and 467,000 units in Europe.
This file photo provided by Hyundai Motor
shows President and CEO Chang Jae-hoon speaking at a company shareholders’ meeting on March 21, 2024. (PHOTO NOT FOR SALE) (Yonhap)
This file photo provided by Hyundai Motor shows President and CEO Chang Jae-hoon speaking at a company shareholders’ meeting on March 21, 2024. (PHOTO NOT FOR SALE) (Yonhap)
Hyundai Motor said it is also focusing on agile responses to the current market conditions, where the pace of electrification is slowing.
The company plans to improve its self-developed hybrid systems to better meet the growing demand for hybrid vehicles. It also intends to expand its hybrid system, which was previously offered primarily in compact and mid-sized vehicles, to a broader range of models.
This expansion will increase the number of hybrid models from the current seven to 14. Notably, for the Genesis brand, Hyundai will offer hybrid options across all models, except for those specifically designed as EVs.
Moreover, Hyundai plans to introduce its next-generation TMED-II hybrid system to its pro
ducts starting in January 2025.
TMED-II is designed to significantly improve performance and fuel efficiency while maintaining the same cost level, the company said.
Hyundai Motor said it plans to significantly expand its sales of hybrid vehicles, with a goal of selling 1.33 million units by 2028.
“By swiftly adapting to changes, we aim to shape a new future centered around the two pillars of mobility and energy,” Hyundai Motor President and CEO Chang Jae-hoon said.
Chang added, “This strategy reflects Hyundai’s commitment to staying ahead in the rapidly evolving automotive industry while focusing on innovative solutions for the future.”
Source: Yonhap News Agency