Hyundai plans to release 17 full electric vehicle models by 2030 as part of its efforts to strengthen its lineup and to catch up to rival automakers. The company's CEO Jaehoon Chang has made the announcement when he unveiled Hyundai's electrification roadmap in an investor presentation. Out of 17, 11 models will be under the main Hyundai brand, while 6 will be released under its Genesis luxury brand.
The automaker announced last year that Genesis will switch to electric powertrains completely by 2025, though at the time, it said that it expects to have eight EV models available for sale in 2030. Chang's latest announcement includes more concrete details about Hyundai's electrification plans. He said the company is investing 19.4 trillion won ($16.08 billion) in its EV-related endeavors, including setting up more manufacturing plants with the capability to produce EVs. The automaker is also aiming to capture a 7 percent market share in the global EV market and to sell 1.87 million electric vehicle units per year by 2030.
The company has yet to reveal the exact models it's releasing within the next eight years, but it did say that three of them are sedans, six are SUVs, one is a light commercial vehicle, while the last one is a new vehicle type. The first release will most likely be the IONIQ 6, an all-electric sedan that will be available for purchase this year. In 2024, Hyundai will be releasing the IONIQ 7, as well.
While $16.08 billion is a considerable investment, analysts told Reuters that it's in in no way "aggressive" when compared to the commitments made by some rival companies. Toyota, for instance, plans to invest 8 trillion yen ($70 billion) for its electrification projects by 2030, while GM had earmarked $35 billion for its EV and automated vehicle investments from 2020 through 2025.