Hyundai Motor Announces Global Expansion Plan with 100 New Models by 2030

Hyundai Motor Co. announced plans on Wednesday to expand its global production capacity by 1.27 million units and launch more than 100 new or updated vehicle models by 2030. CEO Jose Munoz detailed the strategy during a CEO Investor Day event in Seoul, stating that the company aims to strengthen its global competitiveness against intensifying competition, particularly from Chinese rivals. The expansion includes 18 all new models, with specific targets for North America, South Korea, and Europe. The company intends to increase its global sales target to 5.55 million vehicles by 2030, with electrified vehicles making up 60 percent of total sales. To support this, production capacity will increase in North America by 500,000 units, India by 320,000 units, and South Korea by 200,000 units. Hyundai also raised its 2030 operating margin target to above 9 percent. In the United States, the company plans to launch 10 new hybrid models by 2030 and increase the share of hybrids to 50 percent of regional sales. Other key initiatives include the launch of the Ioniq 3 in Europe and a strategy to restore sales in China to over 500,000 units. The company is also investing in future mobility, including a partnership with Nvidia for Level 2 plus autonomous driving by 2028 and the supply of Ioniq 5 based robotaxis to Waymo starting in the fourth quarter of this year. Additionally, Hyundai plans to deploy Boston Dynamics Atlas humanoid robots at its Georgia plant by 2028. Center lean sources focused on the specific production numbers and the strategic shift toward hybrids and software defined vehicles. Center right lean sources emphasized the company's ambition to compete with luxury brands and its goal to reach the production scale of Volkswagen.