SEOUL: Hyundai Motor Co unveils its most extensive product expansion yet, targeting over 100 model launches globally by 2030 across North America, South Korea and Europe.
Backed by strengthening profitability, the automaker aims to leverage this massive rollout to drive its transformation into a physical artificial intelligence (AI)-driven tech company.
At a CEO Investor Day event in Seoul on Wednesday, Hyundai Motor Co president and chief executive officer Jose Munoz revealed that among the new models, 58 will be launched in North America, with Genesis accounting for 22.
South Korea will see approximately 49 model launches, while Europe will receive around 41.
Hyundai is also preparing diverse vehicle debuts in India and China, alongside plans to enter new market sectors by adding more than 18 new models and vehicle segments such as pickups, light commercial vehicles and large sport utility vehicles (SUVs).
In the next eight months, seven new or upgraded vehicles will debut globally, including the all-new Elantra sedan, all-new Ioniq 3 SUV, Tucson Hybrid SUV, Santa Fe Extended Range Electric Vehicle, new A-segment SUV EV for India and European B-segment SUVs.
Hyundai’s aggressive model rollout follows a temporary slowdown brought about by monthslong labour disputes.
On Tuesday, however, the automaker reached a tentative agreement with its union.
Munoz also emphasised the company’s renewed operating profit margin target: to move from the 8% to 9% range to over 9% by 2030. According to chief financial officer Lee Seung-jo, the company plans to reduce its cost of goods sold ratio by three percentage points through vehicle lifecycle cost innovation, material cost reduction and localization over that same period.
The annual sales target has also expanded from an initial 4.1 million units to 5.55 million units by 2030. Electrified vehicles are expected to make up 60% of total sales, and global market share is projected to reach 6%.
To support its 2030 sales expansion, Munoz said Hyundai will boost global production capacity by 1.27 million units, led by North America, India, South Korea, Saudi Arabia, Vietnam and Algeria, while diversifying its global sales footprint beyond South Korea and North America.
In line with its “build where you sell” localisation strategy, the company will increase US vehicle localisation from 60% to 80% by 2030, adding over 275 local partners.
Hybrid sales will continue to surge, taking up 50% of total sales, up from 25% this year.
For Europe, Hyundai is focusing its EV strategy on the high-demand B-and C-segments, which drive over 60% of regional sales.
Munoz projected EV sales will surge from 116,000 to more than 420,000 units annually.
To meet demand, European manufacturing capacity could scale to about 580,000, with full-electric vehicles (EVs) like the Ioniq 3 making up over half the output.
The company is also eyeing India, its second-largest production hub outside South Korea, as a key export hub. Leveraging over a 15% global cost advantage, the country ships 30% of local production to over 70 countries. — The Korea Herald/ANN
