Hyundai aims to capture 7% of the global electric vehicle (EV) market by 2030, with even higher expectations for EV sales in the United States, according to a strategic overview published by the automaker on Wednesday.
This translates to an annual global sales target of 1.87 million units for both the Hyundai main brand and the luxury brand Genesis by 2030, exceeding the previously discussed goal of 560,000 units by 2025.
Hyundai plans to introduce 11 electric models for its main brand and six for Genesis by 2030. Kia, owned by Hyundai, also intends to launch 11 electric vehicles by 2026, including seven based on dedicated platforms.
Hyundai’s lineup will include three sedans, six SUVs, a light commercial vehicle, and a “new type of model,” according to the automaker. Several will be part of the Ioniq sub-brand, which kicked off with the Ioniq 5 in late 2021. The Ioniq 6 sedan is set to launch later this year, followed by the Ioniq 7 SUV in 2024.
Genesis has plans for two sedans and two SUVs, including the Electrified GV70 based on an existing gasoline model and the dedicated GV60 EV. Genesis previously confirmed eight EV models for 2030, signaling a shift for the brand to an all-EV lineup. Starting in 2025, all newly launched Genesis models will be electrified, which could encompass both hybrids and electric vehicles, according to Hyundai.
Hyundai is also developing a new EV platform as the successor to the E-GMP platform that underlies the Ioniq 5, Genesis GV60, and Kia EV6. Called the Integrated Modular Architecture (IMA), it will support standardized battery packs and motors to reduce costs, as announced by Hyundai.
The automaker also stated that it will add Over-The-Air (OTA) update capability to new models released from late 2022, expanding to all Hyundai models by 2025.
Achieving these EV goals will involve expanding the manufacturing base, noted Hyundai. The automaker previously stated its intention to produce electric vehicles in the U.S. from 2022, indicating plans to secure batteries locally. Hyundai anticipates that half of its U.S. sales will be electric by 2030.
Hyundai has also expressed expectations for hydrogen fuel cell technology to achieve price parity with battery electric vehicles by 2030. In 2021, Hyundai outlined an ambitious vision to apply fuel cells to all its commercial vehicles by 2028 and has discussed the use of fuel cells for a broader range of applications, including household energy.
