How is Hyundai planning its medium to long-term future in the automotive sector? There were some interesting insights into this at the so-called "CEO Investor Day 2024". The company is not focussing exclusively on pure electromobility. Instead, they are also focussing on a kind of intermediate solution with a combustion engine and electric motor in a drive system called EREV (Extended Range Electric Vehicle).
This should promise a range of 900 kilometres (560 miles). Hyundai Motor is said to be reacting flexibly to market conditions and is focussing on electrification through its "Hyundai Way" strategy. The aim is to achieve 5.
55 million annual sales worldwide by 2030, 30 per cent more than in 2023, and to sell 2 million electric cars per year worldwide by 2030. Gallery: Hyundai CEO And Investor Day Presentation, 2024 What is interesting, however, is a statement that Toyota has also made in a similar form: "Hyundai Motor is actively responding to the wishes of its customers and has recognised that while EVs are the future of transport, not all customers are ready to make the switch. Therefore, Hyundai Motor continues to offer a range of powertrains, including internal combustion engines, hybrids, plug-in hybrids, EVs and hydrogen fuel cell vehicles.
" In North America and China, new EREV models, a new type of electric vehicle with a range of more than 560 miles on a single charge, are planned to be launched. The aim is to offer a full range of 21 electric car models by 2030, ranging from affordable to luxury and high-performance vehicles. There are also plans to expand the HEV range from the current seven to 14 models; the luxury brand Genesis will also offer hybrid models.
Continuously driving forward the internalisation of battery technology; developing affordable NCM batteries and strengthening safety technology are other items on the Hyundai agenda. More hybrid As part of its strategy, the company will expand the application of its hybrid system beyond compact and mid-size cars to small, large and luxury vehicles, doubling its range from the current seven to 14 models. This expansion will include not only Hyundai vehicles, but also the Genesis luxury brand, which will offer a hybrid option on all models except all-electric vehicles.
The company will also introduce the next-generation TMED-II system. This improved version of the existing hybrid system has achieved the world's highest competitiveness by significantly improving performance and fuel efficiency compared to the existing system. This system will be installed in production vehicles from January 2025.
Presentation at the Hyundai CEO and Investor Day, 2024 Future hybrid vehicles will be equipped with premium technologies such as intelligent regenerative braking and V2L "to enhance product value and consolidate Hyundai Motor's position in the market with superior product quality". Hyundai Motor aims to utilise its enhanced hybrid capabilities to significantly increase sales of its hybrid vehicles. It aims to sell 1.
33 million vehicles by 2028, an increase of more than 40 per cent of the global sales plan compared to the previous year. The company anticipates a surge in demand for hybrid vehicles, particularly in North America, where sales of hybrid vehicles are expected to rise to 690,000 units by 2030. The company will tailor its hybrid sales expansion to meet demand in each region, including Korea and Europe.
The expanded regional hybrid launch plan will ensure the flexibility of the market portfolio. What is the EREV? In response to the recent slowdown in demand for electric vehicles, Hyundai Motor is developing a new EREV as part of its Hyundai Dynamic Capabilities strategy. The new EREV will combine the advantages of internal combustion engines (ICE) and electric vehicles.
Hyundai Motor has developed a unique new powertrain and power electronics (PT/PE) system that enables all-wheel drive through the use of two motors. It runs solely on electricity, similar to an electric car, with the motor only being used to charge the battery. Presentation at the Hyundai CEO and Investor Day, 2024 The new EREV maximises the use of the existing engine to increase customer appeal and ensure cost competitiveness with similar electric vehicles by reducing costly battery capacity.
It provides EREV customers with a responsive, EV-like driving experience that allows customers to naturally transition to an EV during future demand recovery periods. By optimising battery capacity, the new EREV is also designed to be price competitive with EVs. It enables both refuelling and stress-free charging and offers a range of over 560 miles on a full charge.
According to Hyundai, this vehicle forms an important bridge to electrification. Hyundai Motor plans to begin mass production of the new EREV in North America and China by the end of 2026, with sales starting in 2027. In the North American market, the company will initially launch D-Class SUV models under the Hyundai and Genesis brands to meet the remaining demand for internal combustion engines, with a target of more than 80,000 units.
Presentation at the Hyundai CEO and Investor Day, 2024 In China, where price competitiveness in the green car market is crucial, Hyundai Motor aims to respond with a fuel-efficient platform in the C-segment and launch more than 30,000 vehicles. The company will also consider further expansion plans in line with future market conditions. Electric future? The company aims to counter the slowdown in electric mobility by expanding its range of hybrid and new EREV models and gradually introducing more electric models by 2030, when demand for electric mobility is expected to recover.
Hyundai Motor aims to build a full range of EVs, from affordable EVs to luxury and high-performance models, and launch 21 models by 2030 to provide consumers with various options. Hyundai Motor has consolidated its position in the electric vehicle market with its mass-market IONIQ line-up . By expanding the luxury brand Genesis electric car line-up, the company will further maintain its luxury brand equity established in the ICE market.
Gallery: Hyundai Inster (2024) Starting with the GV60 Magma Concept unveiled in New York last March, Hyundai Motor will open a new chapter of high-performance luxury by offering high-performance models that maximise quality and performance. The N brand will continue to expand its high-performance electric vehicles, further enhancing its strong competitiveness in core electric vehicle technology. More from Hyundai: Hyundai Motor says it is making great strides in its endeavour to become a leading global player in the electric vehicle market.
By 2030, Hyundai Motor plans to expand its production capacity by 1 million units to sell 5.55 million vehicles worldwide. The company plans to lead the automotive industry while expanding into new business and service areas.
As part of this plan, Hyundai Motor aims to sell 2 million electric vehicles by 2030 to further consolidate its global leadership in the electric vehicle sector..
