The announcement of the hybrid offensive does not affect the entire Hyundai Group, only the Hyundai and Genesis brands. Kia’s strategy remains unaffected. As reported in spring, Kia is maintaining its electric targets for 2030. In other words, by 2030, Kia wants to achieve annual sales of 1.6 million all-electric cars with 15 BEV models.
Hyundai and Genesis will now lead the Group with new hybrids, while the launch of purely electric cars will be pursued in parallel. However, the goal is to achieve a stable position in an uncertain market environment. The specific target is to sell 1.33 million HEV units per year in 2028, which will be built alongside purely electric cars at Hyundai Motor Group Metaplant America (HMGMA) in the US state of Georgia.
The move does not come as a surprise: it has been publicised since July that the premium brand Genesis is abandoning its earlier plans to only launch fully electric models from 2025. Big brother Hyundai is now following this change in strategy. The strategy will be based on a further developed next-generation hybrid system “improving performance and fuel efficiency.” The new system will be installed in the first production vehicles from 2025. Hyundai is not going into any further technical details at this point.
What is clear, however, is that the core Hyundai brand is aiming for a range of 21 all-electric car models by 2030 in parallel with the growing full hybrid range – from affordable electric cars to luxury and high-performance vehicles, according to an accompanying press release. The aim is also to sell 2 million of these BEVs per year worldwide from 2030.
Meanwhile, the new focus on partially electrified vehicles is also reflected in the officially confirmed introduction of new EREV models under the Hyundai brand. These are cars with range extenders, whereby a combustion engine charges the battery while the drive is purely electric. According to the carmaker, the vehicles will have “a range of more than 900 km on a single charge.”
To finance the course correction now presented under the slogan ‘Hyundai Way,’ the South Korean company says it will invest KRW 120.5 trillion by 2030, which is the equivalent of around 81 billion euros.
“Under the Hyundai Way, we will respond to the market with agility,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centred on mobility and energy.”
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- Source: https://www.electrive.com/2024/08/28/hyundai-and-genesis-focus-on-full-hybrids/