After unveiling its new “Hyundai Way” strategy on Wednesday, Hyundai confirmed its highly anticipated three-row electric SUV, the IONIQ 9, will be built in the US. Hyundai also revealed plans to launch EREVs with over 550 miles (900 km) range. Here’s what else you can expect from Hyundai over the next few years.
Introducing the new “Hyundai Way” strategy
“In the era of electrification, Hyundai Motor Company is an unrivaled company that has introduced the entire electric vehicle lineup, from mass-market brands to luxury and high-performance models, the fastest,” Hyundai’s CEO Jang Jae-hoon said at the event.
Hyundai revealed its new mid-to-long-term strategy during its 2024 CEO Investor Day. As part of the new “Hyundai Way,” the company aims to sell 5.55 million vehicles globally by 2030.
The target would represent about 30% growth from last year’s 4.2 million cars sold. To achieve it, Hyundai will produce an additional one million vehicles globally.
“Based on the strengths of the best-in-class technology and challenges for innovation that we have accumulated over the past,” Hyundai will continue to lead the EV market, Jae-hoon added.
With plans to sell two million EVs by 2030, Hyundai expects electric models to account for over a third (36%) of total vehicle sales.
North America, Hyundai’s biggest market, is expected to receive 690,000, while 467,000 units will be sold in Europe.
Like many of its rivals, Hyundai announced plans to introduce more hybrid models in the short term. Hyundai will improve its hybrid system, doubling its lineup from seven to 14.
The new hybrid models will include compact, large, and luxury cars, including under the Genesis brand. Hyundai aims to sell 1.33 million hybrids in 2028, a 40% jump from 2023.
Hyundai plans three-row IONIQ 9 SUV, EREVs for the US
Hyundai’s massive new Metaplant America (HMGMA) manufacturing plant in Georgia will be pivotal to the company’s growth plans.
The facility is expected to come online by the end of 2024 and will produce Hyundai’s new EVs, including the updated IONIQ 5 and its first three-row electric SUV, the IONIQ 9.
Hyundai confirmed that the IONIQ 9 and IONIQ 5 will be built alongside hybrid models in the US as it looks to meet growing demand.
As part of its new strategy, Hyundai revealed plans to launch Extended-Range Electrified Vehicles (EREVs). An EREV still has a combustion engine, but the engine generates electricity to power the battery.
Hyundai said it has developed a unique new power system enabling four-wheel drive with two motors.
By using its existing engines and cutting battery capacity by about 30%, Hyundai expects to sell EREVs in a price range similar to plug-in hybrids.
Over 550 miles range?
The company said the EREVs will include unique EV-specific driving features and over 550 (900 km) driving range.
Mass production will begin in North America and China in late 2026, with full-scale sales kicking off in 2027. Hyundai and Genesis brands will utilize the tech to launch new mid-size SUVs in North America as it aims to sell over 80,000 units annually.
According to recent reports, Hyundai also plans to launch an EREV version of its best-selling Santa Fe SUV and pickup for the US.
Several top-selling electric pickups, including the Tesla Cybertruck and Ford’s F-150 Lightning, were recently spotted near Hyundai’s facility in Korea.
Ahead of its official debut, Hyundai has been testing the IONIQ 9 on US streets (check out the video here).
According to Motor Intelligence, Hyundai Motor Company, including Kia and Genesis, topped Ford (7.4%) and GM (6.3%) in Q2 to become the second best-selling EV brand in the US with double-digit market share (10%).