Hyundai bets on hybrid, hydrogen and AV tech in new strategy

Hyundai plans to boost global sales by 30% over the next six years, betting on a variety of next-generation technologies including hybrids and autonomous vehicles.

Driving the news: The South Korean automaker’s “Hyundai Way” strategy is targeting 5.55 million units in annual sales by 2030 through a multitude of tech investments. Those include:

• A next-gen hybrid system that will help double the number of hybrid models in its lineup to 14.

• Autonomous car production, with the goal of selling vehicles to self-driving car companies.

• Hydrogen technology, intended to solidify its position as an energy leader.

Zooming in: While the company’s new strategy puts a greater emphasis on hybrids due to a recent upswing in sales, it still has grandiose plans for its electric vehicle lineup as well.

• Hyundai wants to offer up to 21 new EV models by the end of the decade, with offerings in the affordable and luxury price ranges. It’s targeting 2 million in annual electric car sales by 2030. Last year, it sold just over half a million across its subsidiaries.

• It also plans to offer an EREV (Extended Range Electric Vehicle) in China and the U.S. EREVs typically use a gas-powered generator to recharge the car’s battery, allowing for longer driving ranges. Hyundai says its model will be capable of traveling roughly 560 miles on a single charge.

Bottom line: Hyundai has become one of the most important automakers to watch thanks to its consistent growth over the last decade. This new strategy is a simple way of capitalizing on those successes. While it remains to be seen whether it pays off, it will definitely drum up investor support, a result that these announcements typically target.

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