Hyundai Plans to Have 21 EVs in its Global Portfolio by 2030

At its recently concluded 2024 CEO Investor Day, Hyundai Motor Corporation outlined its medium- to long-term strategy which it calls the Hyundai Way. As a part of this strategy, Hyundai said it plans to expand its hybrid and electric vehicle (EV) portfolio by 2030. 

Hyundai also stated that it plans to sell two million EVs globally every year by the end of this decade, and has also a target to sell more than 5.5 million vehicles per annum by 2030. For perspective, Hyundai’s annual sales in 2023 tallied 4.21 million units and its new target is 30 per cent higher than its current output. 

The South Korean automaker plans to have a lineup of 21 EVs in its portfolio by 2030 which will include mass-market, affordable models as well as luxury and high-performance offerings. These 21 models will be part of Hyundai, Hyundai’s N division, and its Genesis brand. 

Additionally, Hyundai also plans to double its hybrid portfolio from seven to 14 models. Genesis, the Hyundai conglomerate’s luxury vehicle division, will add a hybrid option for all of its internal combustion engine (ICE) models. By 2028, Hyundai plans to sell 1.33 million units annually and to achieve that, it plans to introduce the second generation of its Transmission Mounted Electric Device (TMED) from January 2025 onwards. Called TMED-II, this technology is said to enhance the performance and fuel efficiency of Hyundai’s hybrid vehicles. 

Hyundai also stated that it will introduce new Extended Range Electric Vehicles (EREV) as a response to dwindling demand for EVs globally. The EREVs will essentially be range-extender hybrid vehicles, for which the electric motor will solely be responsible for propulsion and the ICE will act as a generator to increase range. Speaking of which, the EREVs will offer a range of over 900 km when the batteries are fully charged. Hyundai aims to begin mass production of these EREVs in North America and China by the end of 2026, with sales slated to begin by 2027. 

Hydrogen was also mentioned as a key area of expansion by Hyundai. The company wants to promote hydrogen as a fuel not only for cars but also for trains, advanced air mobility, heavy equipment, sea vessels and more. With this, the automotive giant aims to achieve net zero, i.e. carbon neutrality, by 2045. 

Last, Hyundai also announced that it plans to enter the autonomous driving market. The South Korean auto giant will sell autonomous vehicles to a variety of global autonomous driving software technology companies. It is currently developing a platform to implement Level 4 or higher autonomous driving capabilities.