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Hyundai’s New Strategy The “Hyundai Way” Set To Kick-Off
Hyundai is setting ambitious goals to accelerate its growth, particularly in the electric vehicle market, as unveiled during its 2024 CEO Investor Day. The company’s new strategy, dubbed the “Hyundai Way,” outlines a plan to push its annual global vehicle sales to 5.55 million by 2030, a significant jump from last year’s 4.2 million.
The centrepiece of this strategy is a strong focus on electrification, with plans for EVs to constitute 36% of total sales by 2030, translating to a projected sales figure of 2 million units. North America, being Hyundai’s largest market, is expected to absorb a significant share of these sales, with anticipated EV sales of 690,000 units.
Central to Hyundai’s electrification efforts is the eagerly anticipated Ioniq 9, a three-row electric SUV, which will be produced in the US. Alongside this, the updated Ioniq 5 will also roll off the production lines at Hyundai’s new Metaplant America in Georgia, which will be ready to start operations by late 2024.
Hyundai’s electrification strategy isn’t confined to pure EVs. The company is also planning to significantly expand its hybrid offerings, doubling its current lineup from seven to 14 models. This short-term strategy addresses immediate market demands while transitioning towards a more comprehensive EV future. Hyundai aims for hybrid sales to reach 1.33 million units in 2028, representing a 40% increase from 2023.
Perhaps the most intriguing element of Hyundai’s strategy is the introduction of Extended-Range Electrified Vehicles (EREVs). These vehicles combine a combustion power generator with a relatively smaller one, while electric motors move the wheels. Hyundai claims its unique power system, incorporating two motors, will enable these EREVs to achieve an impressive driving range exceeding 885 km.
Thanks to a smaller battery and the use of existing engine technologies, Hyundai expects to price these vehicles competitively, in a similar range to plug-in hybrids. Mass production of EREVs will begin in late 2026 in both North America and China, with sales expected to kick off in 2027.
