Hyundai release plan 17 fully electric models by 2030 as part of an effort to strengthen the lineup and catch up with rival automakers. The company’s CEO, Jaehoon Chang, made this statement when he revealed Hyundai’s electrification roadmap during an investor presentation. Out of the 17, 11 models will be under the main Hyundai brand, while 6 will be released under the Genesis luxury brand.
Car manufacturer announced last year that Genesis would switch to an all-electric powertrain by 2025, though at the time it said it expected eight EV models for sale by 2030. Chang included more specifics about Hyundai’s electrification plans. He said the company is investing 19.4 trillion won ($16.08 billion) in electric vehicle-related efforts, including setting up more manufacturing plants with the ability to produce electric vehicles. The automaker is also aiming to capture a 7% share of the global electric vehicle market and sell 1.87 million electric vehicles a year by 2030.
The company has yet to reveal the exact models it will release over the next eight years, but it did say that three of them are sedans, six are SUVs, one is a light commercial vehicle, while the last model is an SUV. same new car. The first release will most likely be IONIQ 6, an all-electric sedan will be available for purchase this year. In 2024, Hyundai will also release the IONIQ 7.
While $16.08 billion is a substantial investment, analysts say Reuters that it is not “aggressive” when compared with the commitments of some rival companies. Toyota, for example, has a plan invest 8 trillion yen ($70 billion) for its electrification projects by 2030, while GM has already spend $35 billion for investments in electric and autonomous vehicles between 2020 and 2025.
All products recommended by Engadget are handpicked by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
