Seoul: Hyundai Motor Co. announced plans to expand its global production capacity by 1.27 million units and introduce over 100 new and updated models by 2030 in a bid to solidify its standing in the global market.
According to Yonhap News Agency, these ambitious plans were unveiled by Hyundai Motor CEO Jose Munoz during the CEO Investor Day event in Seoul. The South Korean automaker aims to enhance its competitiveness amid growing competition, particularly from Chinese manufacturers.
Hyundai's strategy includes launching various brand new or revised models over the next decade, with 18 completely new models in the pipeline. Among these, the Genesis GV80 hybrid is set for release in South Korea and the United States later this year, followed by an extended-range electric vehicle (EREV) in early 2027.
Additionally, the Tucson SUV and its hybrid versions are scheduled for launch in the latter half of this year. To meet these new targets, Hyundai plans to significantly increase its production capacity from the current 5 million vehicles, with specific increases projected for North America, India, South Korea, and through completely knocked-down (CKD) production.
The company has maintained its sales targets, aiming for global sales of 5.55 million vehicles by 2030 and increasing the share of electrified vehicles to 60 percent of total sales. Furthermore, Hyundai has raised its operating margin target for 2030 to over 9 percent.
In North America, Hyundai plans to introduce 10 new hybrid electric vehicle (HEV) models by 2030, beginning with the GV80 hybrid, and aims to have hybrids account for 50 percent of its sales in the region. The Santa Fe extended-range electric vehicle (EREV) will debut in the U.S. in the first half of next year.
In Europe, Hyundai targets raising annual EV sales to 420,000 units by 2030, with the launch of the Ioniq 3 next month. In India, SUVs are expected to make up 80 percent of Hyundai's sales by 2030, driven by models designed for local demand. In China, the automaker's strategy includes increasing sales to 500,000 vehicles by 2030 through localized products and technology partnerships.
Hyundai is also focusing on autonomous driving and future mobility. The company plans to collaborate with global partners to advance software-defined vehicles (SDVs) and autonomous driving technologies, with the launch of Ioniq 5-based robotaxis to Waymo later this year.
The automaker aims to introduce Level 2+ autonomous driving technology by 2028 and deploy Boston Dynamics' Atlas humanoid robots at its Georgia plant by the same year. Additionally, an AI data center is planned for 2029 in South Korea to manage the anticipated growth in autonomous driving data.
To enhance shareholder value, Hyundai announced a buyback of shares worth 789.1 billion won (US$569.8 million). Despite these strategic moves, Hyundai Motor shares fell by 3.09 percent, while the KOSPI index rose by 0.97 percent.