Roundup: Hyundai Motor aims to sell 5.55 mln cars, including 2 mln EVs, by 2030

SEOUL, Aug. 28 (Xinhua) — South Korea’s biggest carmaker Hyundai Motor on Wednesday announced its new long-term strategy that aims to globally sell 5.55 million cars per year, including 2 million electric vehicles (EVs), by 2030 through the expansion of hybrid lineup and the introduction of new EV technology.
To bolster the 2030 global sales target, up 30 percent from its 2023 performance, Hyundai planned to invest 120.5 trillion won (90.1 billion U.S. dollars) for the next 10 years, comprising an investment of 40.7 billion dollars in research and development, 38.6 billion dollars in capital expenditure and 10.8 billion dollars in strategic investment.
Under the “Hyundai Way” strategy, the automaker planned to expand its hybrid lineup from its current seven models to 14, applying its hybrid system beyond compact and midsize cars to small, large and luxury vehicles including its luxury brand Genesis.
Many of the hybrid models will be powered by the company’s next-generation hybrid system that will be introduced in January 2025, Hyundai noted, targeting its annual global sales of 1.33 million hybrid vehicles by 2028.
Hyundai detailed its new EV technology, called extended range electric vehicle (EREV), which combines an internal combustion engine with electric drive for a driving range of over 900 km when fully charged.
The EREV, which the company said will be a key bridge to full electrification, is powered solely by electricity, similar to EVs, with the engine being used only for battery charging.
Hyundai developed a unique powertrain and power electronics (PT/PE) system to enable four-wheel drive with the application of two motors.
The company planned to begin its mass production of the EREV in China and North America in 2026 ahead of sales commencing in 2027.
After addressing the EV demand slowdown through the expansion of hybrid and EREV offerings, Hyundai aimed to build a full EV lineup of 21 models, from affordable EVs to luxury and high-performance models, by 2030 when the EV demand recovery is expected.
“Under the Hyundai Way, we will respond to the market with agility to secure sustainable leadership in an uncertain market environment. Hyundai will strengthen its position, expanding beyond vehicle manufacturing to various forms of mobility,” said Chang Jae-hoon, president and chief executive of Hyundai Motor.
To secure its EV performance, safety and cost competitiveness, Hyundai aimed to not only use current nickel-cobalt-manganese (NCM) batteries and low-cost lithium-iron-phosphate batteries but also develop a new, affordable NCM battery by 2030.
The company planned to advance its battery safety technologies, including battery management system pre-diagnosis technology that detects minor battery abnormalities in real time and battery safety structure that prevents heat transfer between battery cells, while developing a cooling technology that suppresses the occurrence of flame inside batteries. ■