Seoul, Aug 26 (IANS) Hyundai Motor said on Wednesday it plans to expand its overall production capacity by 1.27 million units by 2030 while rolling out more than 100 new and updated models to strengthen its presence in the global market.
Hyundai Motor CEO Jose Munoz outlined the plans at its CEO Investor Day event in Seoul as it seeks to bolster its competitiveness amid intensifying competition, particularly from Chinese rivals.
The South Korean automaker said it plans to introduce scores of brand-new or updated models within the decade, including facelifts, partial redesigns and other variants, with 18 all-new models included in the lineup, reports Yonhap news agency.
The company plans to launch the Genesis GV80 hybrid in South Korea and the United States later this year, followed by an extended-range electric vehicle (EREV) in the first half of 2027.
The Tucson SUV, one of Hyundai Motor’s bestselling models, and its hybrid variants are also scheduled for launch in the second half of this year.
To support its expanded lineup and sales targets, Hyundai Motor plans to significantly increase its global production capacity by 2030, up from about 5 million vehicles at present.
The goal includes 500,000 units in North America, 320,000 in India, 200,000 in South Korea and 250,000 through completely knocked-down (CKD) production.
The company maintained its previously announced sales targets, including global sales of 5.55 million vehicles by 2030 and raising the share of electrified vehicles to 60 percent of total global sales by the same year.
Hyundai Motor also raised its 2030 operating margin target to above 9 percent from the previously projected range of 8-9 percent.
It maintained its 2026 margin guidance at 6.3-7.3 percent despite a challenging business environment marked by U.S. tariffs, geopolitical tensions in the Middle East and intensifying competition with Chinese rivals.
Munoz identified hybrids as “the biggest opportunity” in the U.S. market, as the company aims to cut raw material costs for hybrid vehicles by 20 percent by 2030.
In North America, Hyundai Motor plans to launch 10 new hybrid electric vehicle (HEV) models by 2030, led by the GV80 hybrid, and raise hybrids to 50 percent of its sales in the region.
–IANS
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