Hyundai targets 30% rise in sales by 2030, as it doubles hybrid lineups

Hyundai said it planned to double its hybrid lineup to 14 models as it expected a surge in hybrid demand, especially in North America. It did not provide a timeline for the release of the new cars.

Bengaluru: Hyundai Motor Company is targeting 5.55 million annual global vehicle sales including 2 million electric vehicles (EVs) by 2030, up 30 per cent from 2023.

At the 2024 CEO-investor day held in Seoul on Wednesday, the automaker announced that it is aiming to offer a full lineup of 21 EV models by 2030, ranging from affordable, luxury and high-performance vehicles.

The company also plans to double its hybrid lineup--from 7 to 14 models-- to offset a slowdown in global electric vehicle demand and is aiming to sell 1.33 million units globally by 2028.

"The company aims to address the EV deceleration by expanding its hybrid and new extended-range electric vehicles (EREV) offerings and gradually increasing EV models by 2030 when a recovery in EV demand is expected," said the company in a release.

By 2030, Hyundai Motor aims to use current performance-based NCM (nickel-cobalt-manganese) batteries and low-cost LFP (lithium-iron-phosphate) batteries and develop a new, affordable NCM battery to provide a wider range of solutions.

This new entry-level battery will first be implemented in volume models, with the company anticipating a battery performance enhancement of over 20 per cent by 2030, through ongoing improvements in battery energy density.

The automaker targets an operating profit margin of 9-10 per cent in 2027 and over 10 per cent in 2030 through continuous price enhancements for EVs and the introduction of EREV models. The company expects to achieve equal profitability on its entire powertrain lineup, including ICE, hybrids, EREVs and EVs by 2030.