Hyundai has set out ambitious plans which will see it introduce 41 new European models in a bid to reach 420,000 in annual sales by 2030.
The Korean brand will introduce a wide range of new models to combat rising Chinese dominance in the segment, with many of these new vehicles arriving as ‘all new products or entries into new market segments’.
They’ll include a new global B-segment SUV, and another B-segment SUV designed specifically for Europe. In Europe, Hyundai aims to cover ‘85 per cent of the market with a fully electrified portfolio’ including five new SUVs and light commercial vehicles.
Hyundai also says that it will add 1.27 million units of global manufacturing capacity in an effort to reach its targets, with 500,000 additional vehicles being made in North America alone.
José Muñoz, president and CEO of Hyundai Motor Company, said: “Our fundamentals have never been stronger. Hyundai Motor Group is the third-largest automotive group and the second-most profitable, which gives us the ability to invest while others are pulling back.
Genesis has just launched its GV90 flagship
“We are bringing more than 100 new models to market by 2030 with multiple powertrain options and raising our operating margin above 9 percent.”
Genesis, the luxury sub-brand of Hyundai, will also look to expand its presence, having just launched its new GV90 flagship SUV. The brand says that it will be introducing a range-extending electric vehicle early next year, targeting a total range of over 640 miles through a blend of petrol and electric power.
Genesis is also looking to expand to more than 40 markets and over 270 retail locations globally, while targeting annual sales of 350,000 units by 2030.