Six of them will be under its luxury brand Genesis.
Hyundai plans to launch 17 all-electric vehicle models by 2030 as part of its efforts to consolidate its range and catch up with rival automakers. The company’s CEO, Jaehoon Chang, made the announcement when he unveiled Hyundai’s electrification plan in a presentation to investors.
Out of 17, 11 models will be under the main Hyundai brand, while 6 will be launched under its luxury brand Genesis.
The carmaker has announced that Genesis will fully switch to electric propulsion systems by 2025, although at the time, it said it expects to have eight EV models available for sale in 2030.
Chang’s latest announcement includes more concrete details about Hyundai’s electrification plans. He said the company is investing $ 16.08 billion in its electric vehicle efforts, including setting up several production plants with the capacity to produce electric vehicles.
Hyundai changes the switch
The carmaker also aims to capture a 7% market share in the global electric vehicle market and sell 1.87 million units of electric vehicles per year by 2030.
The company has not yet revealed the exact models it will launch in the next eight years, but said that three of them are sedans, six SUVs, one is a light commercial vehicle, while the last is a new type of vehicle.
The first launch will most likely be the IONIQ 6, a fully electric sedan that will be available for purchase this year. In 2024, Hyundai will also launch IONIQ 7.
Although $ 16.08 billion is a considerable investment, analysts believe it is not at all “aggressive” compared to the commitments made by some rival companies. Toyota, for example, plans to invest $ 70 billion in its electrification projects by 2030, while GM has allocated $ 35 billion for its investments in electric and automated vehicles from 2020 to 2025.