Hyundai Doubles Hybrid Lineup Amid EV Demand Drop

Hyundai Motor Co. is planning to double its lineup of hybrid vehicles to 14 models by 2030, responding to a slowdown in demand for pure electric vehicles (EVs). The company will also introduce its first extended-range electric vehicle (EREV), capable of traveling over 900 kilometers on a single charge, primarily targeting North American and Chinese markets. This strategy aims to address consumer concerns about 'range anxiety' and capitalize on the growing hybrid market, while maintaining its EV sales target at 2 million units annually by 2030. The announcement coincided with a $3 billion share buyback plan to enhance investor returns, which has positively impacted Hyundai's share price. Competitors in the automotive sector are also scaling back their EV ambitions amid declining consumer interest. Hyundai's shift reflects broader industry trends, emphasizing hybrids and EREVs as a viable solution amidst changing market dynamics.