Hyundai Plans to Expand its Hybrid Lineup to 14 Models – Daily News

Hyundai Motor Co. unveiled a new strategy at its 2024 investor day, announcing plans to double its lineup of hybrid cars to 14 in response to a slowdown in global electric vehicle demand. The company will also launch an extended-range EV to address range anxiety and reach customers hesitant about purchasing EVs due to charging concerns. Hyundai plans to maintain its target of selling 2 million EVs a year by 2030, despite the broader industry trend of scaling back EV ambitions. The company is investing $3 billion in a share buyback to boost investor returns and plans to spend 121 trillion won over the next decade to advance hydrogen cars, EV batteries, and mobility software. Hyundai expects to see a recovery in EV demand by 2030 and aims to increase its EV models over time. The company has been experiencing strong sales of hybrids, which accounted for 12% of total vehicle sales in the second quarter, driving profits to a record. Hyundai plans to produce hybrids at its new EV plant in Georgia, with production expected to start in the first quarter of 2026. Despite potential setbacks with environmental permits for the Georgia plant, Hyundai remains committed to expanding its hybrid and EV offerings in anticipation of future growth in EV demand.

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