Despite ‘no’ to Indian market, Hyundai plans to expand hybrid line-up globally
South Korean automobile giant plans to expand portfolio from seven to 14 models by 2030
- Aug 28, 2024,
- Updated Aug 28, 2024 2:57 PM IST
South Korean automobile giant Hyundai Motor Group is planning to expand its hybrid electric vehicles (HEV) portfolio from seven to 14 models by 2030, the company said during the CEO Investor Day event on Wednesday.
As part of the Hyundai Way strategy, the company plans to expand HEV offerings from the current seven to 14 hybrid models, including Genesis, according to the company. Globally, the company plans to sell 1.33 million units of hybrid vehicles.
Interestingly, the company has said that it will not introduce hybrid vehicles in the domestic market. Hyundai is also amongst the automobile manufacturers in India, who has voiced against incentives to hybrid vehicles, including GST concession and waiver of registration tax in some states.
“The company anticipates a surge in hybrid demand, particularly in North America, where it plans to increase its hybrid vehicle volume to 690,000 units by 2030. It will tailor its hybrid sales expansion to meet the demand in each region, including Korea and Europe. The expanded regional hybrid deployment plan will secure market portfolio flexibility," the company says.
According to Hyundai Motor Group, the company plans to manufacture hybrid vehicles at Hyundai Motor Group Metaplant America (HMGMA) in Georgia, U.S., alongside its dedicated EV models, including the IONIQ 5 and IONIQ 9.
“This strategy will allow the company to respond swiftly to the North American market, which currently faces a shortage of hybrid supply, and to enhance the operational efficiency of the factory," says the company.
In order to expand its hybrid portfolio, the company will be introducing TMED-II (Transmission Mounted Electric Device) system.
The system is slated to be introduced in the company's production vehicles from January 2025. "Future hybrid vehicles will be equipped with premium technologies such as smart regenerative braking and V2L, enhancing product value and cementing Hyundai Motor’s standing in the market with superior product quality," says the company.
Meanwhile, the company plans to increase its sales target by 30% to 5.55 million units annually globally by 2030.
South Korean automobile giant Hyundai Motor Group is planning to expand its hybrid electric vehicles (HEV) portfolio from seven to 14 models by 2030, the company said during the CEO Investor Day event on Wednesday.
As part of the Hyundai Way strategy, the company plans to expand HEV offerings from the current seven to 14 hybrid models, including Genesis, according to the company. Globally, the company plans to sell 1.33 million units of hybrid vehicles.
Interestingly, the company has said that it will not introduce hybrid vehicles in the domestic market. Hyundai is also amongst the automobile manufacturers in India, who has voiced against incentives to hybrid vehicles, including GST concession and waiver of registration tax in some states.
“The company anticipates a surge in hybrid demand, particularly in North America, where it plans to increase its hybrid vehicle volume to 690,000 units by 2030. It will tailor its hybrid sales expansion to meet the demand in each region, including Korea and Europe. The expanded regional hybrid deployment plan will secure market portfolio flexibility," the company says.
According to Hyundai Motor Group, the company plans to manufacture hybrid vehicles at Hyundai Motor Group Metaplant America (HMGMA) in Georgia, U.S., alongside its dedicated EV models, including the IONIQ 5 and IONIQ 9.
“This strategy will allow the company to respond swiftly to the North American market, which currently faces a shortage of hybrid supply, and to enhance the operational efficiency of the factory," says the company.
In order to expand its hybrid portfolio, the company will be introducing TMED-II (Transmission Mounted Electric Device) system.
The system is slated to be introduced in the company's production vehicles from January 2025. "Future hybrid vehicles will be equipped with premium technologies such as smart regenerative braking and V2L, enhancing product value and cementing Hyundai Motor’s standing in the market with superior product quality," says the company.
Meanwhile, the company plans to increase its sales target by 30% to 5.55 million units annually globally by 2030.