Hyundai plans to double its range of hybrid vehicles as the demand for all-electric vehicles (EVs) shows signs of slowing.
The world’s third-largest car maker said it will expand its hybrid offerings to 14 models, which includes new extended-range EV (E-REVs) models capable of travelling more than 500 miles on a single charge in an effort to tackle range anxiety, infrastructure concerns, and economic uncertainties in key markets.
Under this strategy, the company will expand the application of its hybrid system beyond compact and midsize cars to small, large and luxury vehicles, effectively doubling its current range from seven to 14 models.
This expansion will encompass not only Hyundai vehicles but also its luxury brand, Genesis, which will offer a hybrid option for all models, apart from those that are exclusively electric.
The company will also introduce the next-generation hybrid TMED-II system from January 2025 as well as smart regenerative braking and and vehicle-to-load (V2L) functionality.
Hyundai Motor said it aims to boost the sales of its hybrid vehicles to 1.33 million units, an increase of over 40% of its previous global sales plan.
The car makers plans to increase its hybrid vehicle volume to 690,000 units by 2030 in North America while it will tailor its hybrid sales expansion to meet the demand in Europe.
Despite this shift in focus, Hyundai is maintaining its ambitious goal of achieving 2 million annual EV sales by 2030.
“We will respond to the market with agility thanks to Hyundai’s unique flexible response system. This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centred on mobility and energy,” said Jaehoon Chang, president and CEO of Hyundai, speaking at an investor open day on August 28.
