Hyundai to Launch 17 EV Models by 2030

Highlights :

  • CEO Jaehoon Chang announced it while making an investor presentation
  • Out of the 17 models, 11 will be released under the main Hyundai brand and the remaining 6 will come up under Genesis luxury brand.

South Korean auto giant Hyundai has planned to come up with at least 17 complete electric vehicle (EV) models by 2030. The plan is to ensure a robust EV line up and stay afloat in the view of tough competition from rival EV makers in the global market.

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The plan was disclosed when Hyundai Chief Executive Officer (CEO) Jaehoon Chang made the announcement while making an investor presentation. He was unveiling Hyundai’s electrification roadmap. He informed that 11 models will be released under the main Hyundai brand and the remaining 6 will come up under its Genesis luxury brand.

The company says that it looks to capture a 7 percent market share in the global EV market. In absolute numbers, Hyundai wants to sell more than 1.8 million electric vehicles every year on an average by 2030.

In 2021, Hyundai had declared that its luxury brand Genesis will switch to EV completely by 2025. But there was no such plan that Hyundai would come up with 17 EV models by the end of this decade. A year ago, it said that the plan is to launch some eight EV models by 2030.

The CEO also informed that the company is investing $16.08 billion for the electric vehicles business. This investment would include setting up more manufacturing plants with high capability of producing EVs.

Out of the 17, three of them shall be sedans, six SUVs and one is a light commercial vehicle. It said that there will also be one which will be a new vehicle type. Exact models are not revealed. IONIQ 6, which is an all-electric sedan, may be the first release in the line and may come up this year itself. Hyundai has announced that IONIQ 7 will hit the markets in 2024.

Hyundai is the second largest auto retailer in India, and along with market leader Maruti Suzuki, has taken very careful steps on the EV front. Currently, its Hyundai Kona is among the few SUV sized EV’s available in the market here.

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