Hyundai plans hybrid surge

Hyundai Motor has announced it is targeting annual global sales of 5.55 million vehicles by 2030, an increase of 30 per cent from 2023’s figures.

The South Korean carmaker also plans to double its hybrid line-up to 14 models, although it did not provide any time frame for their launch, and double sales of such vehicles by 40 per cent to 1.33m units by 2028.

However, the company’s recently unveiled medium to long-term strategy keeps its sales target for electric vehicles (EVs) at two million units by 2030, reports Reuters.

Jaehoon Chang, pictured, Hyundai Motor president and chief executive officer, says: “Recently, the speed of conversion to electric vehicles has been slowing. As a result, demand for hybrids is increasing, and hybrids are becoming a basic option rather than an alternative to internal combustion engines.”

Hyundai also intends to expand into a hybrid segment called the extended-range electric vehicle (EREV), which is popular in China but has yet to gain traction worldwide.

An EREV uses a larger battery pack than plug-in hybrids and runs on electricity only, with its petrol engine serving as a power bank to recharge the batteries when they run low, reports Reuters.

Hyundai aims to start mass production of EREV cars with a driving range of more than 900km in North America and China by the end of 2026.