“Hyundai Way" strategy keeps internal combustion in EV & Hydrogen

06.09.2024

By 2030, Hyundai is aiming to sell two million electric vehicles annually, establishing a strong presence in the electric car market. In addition to launching new 'EREV' models, the Korean automaker intends to continue manufacturing traditional combustion engine vehicles in the coming years. During a recent 'Investor Day' event, Hyundai outlined its goals through 2033 as part of the new 'Hyundai Way' strategy. President and CEO Jaehoon Chang highlighted the company's ability to quickly adapt to market trends through Hyundai's flexible response system. Originally planning to introduce 11 all-electric vehicles by 2030, Hyundai now aims to bring 21 models to the market by the end of the decade. Despite the focus on electric vehicles, Hyundai acknowledges that not all consumers are prepared to switch to full EVs and will continue offering a range of powertrain options, including ICE, hybrids, plug-in hybrids, EVs, and hydrogen fuel cell vehicles.

As part of the Hyundai Way initiative, the company plans to expand its global hybrid lineup from seven to 14 models, including those under the Genesis brand. The strategy also involves the introduction of new 'EREV' models (Extended Range Electric Vehicles) as a crucial step towards full electrification. Hyundai aims to launch these EREVs by 2027, combining the advantages of internal combustion engines (ICE) and electric vehicles, with options for four-wheel drive and two-motor systems. Similar to the Mazda MX-30 R-EV, Hyundai's EREVs will operate solely on electricity, utilizing the combustion engine solely for battery charging, boasting a projected range of over 900 kilometers. Initially, the launch of Hyundai's EREVs will target North America and China, with a focus on D-segment SUVs and C-segment cars. Additionally, Hyundai plans to introduce a new lineup of full hybrid vehicles featuring the 'TMED-II system', offering enhanced performance and fuel efficiency compared to the current technology. The first vehicles equipped with this system are slated for production starting January 2025, with future hybrid models expected to integrate V2L charging and regenerative braking technologies.