Seoul: Hyundai Motor Co. has announced an ambitious plan to boost its production capacity by 1.27 million units by 2030, alongside the introduction of over 100 new and updated models as part of its strategy to expand its global market presence.
According to Yonhap News Agency, Hyundai Motor CEO Jose Munoz detailed these plans at the company's CEO Investor Day event in Seoul, highlighting the automaker's efforts to enhance its competitiveness in response to growing competition, particularly from Chinese manufacturers. The South Korean automotive giant intends to launch a diverse range of models over the next decade, including new designs, facelifts, and other variants, with 18 entirely new models slated for release.
The lineup will include the Genesis GV80 hybrid, set to launch in South Korea and the United States later this year, followed by an extended-range electric vehicle in the first half of 2027. Hyundai's popular Tucson SUV and its hybrid versions are also scheduled for release in the latter half of this year.
To accommodate its expanded model range and meet its sales objectives, Hyundai plans to significantly increase its global production capacity from the current 5 million vehicles. The expansion targets include 500,000 units in North America, 320,000 in India, 200,000 in South Korea, and 250,000 through completely knocked-down production.
Hyundai has reaffirmed its sales goals, aiming for global sales of 5.55 million vehicles by 2030 and increasing the share of electrified vehicles to 60 percent of total sales within the same timeframe.
In terms of advancements in autonomous driving and future mobility, Hyundai plans to strengthen collaborations with global partners to expedite the development of software-defined vehicles and autonomous driving technologies. The company is set to supply Ioniq 5-based robotaxis to self-driving technology company Waymo, manufactured at Hyundai Motor Group Metaplant America in Georgia, starting in the fourth quarter of this year.
Additionally, Hyundai intends to deploy Boston Dynamics' Atlas humanoid robots at HMGMA by 2028, aiming to commercialize physical artificial intelligence technologies and expand robotics usage in manufacturing. By 2029, Hyundai plans to operate an AI data center in South Korea's Saemangeum reclaimed area, equipped with a 100-megawatt facility capable of housing over 50,000 GPUs, to manage the expected surge in autonomous driving data.
In a regulatory filing, Hyundai Motor also revealed plans to repurchase 789.1 billion won (US$569.8 million) worth of its own shares.