Electric cars fail to take off, Hyundai prepares more hybrid models

The company said it wants to expand its hybrid range from 7 to 14 models

Photo by: Hyundai

By: Eleonora Lilli

Aug 29, 2024 at 4:41am ET

Add Motor1.com as a preferred source in Google

Comment

The electric car is not selling as well as predicted and so Hyundai is changing its strategy. The South Korean carmaker said it plans to expand its hybrid range from seven to 14 models.

The goal, announced on Tuesday's Investor Day, is to sell 5.55 million vehicles per year globally by 2030, a 30 per cent increase over 2023, but it was not specified how soon it intends to double its range of hybrid models, it was only added that it will mainly focus on expanding the offer in North America.

A choice in line with the market

"Recently, the rate of conversion to electric vehicles has slowed down," said Hyundai Motor President and CEO Jaehoon Chang. "As a result, demand for hybrids is increasing and hybrids are becoming a mainstream option rather than an alternative to internal combustion engines. A choice in line with that of competitors such as Ford, GM or Toyota.

The company also plans to introduce extended-range electric vehicles (EREVs) in North America and China and plans to mass-produce new EREVs in these markets by the end of 2026, Reuters reported.

Hyundai Investor Day, 2024

What do you think?

View

Comments

Results on the stock exchange

During the Investor Day Hyundai also announced that it will buy back up to 4 trillion won ($2.99 billion) of shares between 2025 and 2027 and significantly increase its dividend.

As a result, shares rose as much as 5%, and after analysts said the return to shareholders would be higher than expected, closed up 4.7%.