Hyundai IONIQ 9 (SEVEN) electric SUV concept (Source: Hyundai)
After unveiling its new “Hyundai Way” strategy on Wednesday, Hyundai confirmed that its highly anticipated three-row electric SUV, the IONIQ 9, will be built in the United States. Hyundai also revealed plans to launch three-row electric vehicles with a range of more than 560 miles. Here’s what else you can expect from Hyundai in the coming years.
Presentation of the new “Hyundai Way” strategy
“In the era of electrification, Hyundai Motor Company is an unrivaled company that has introduced the full range of electric vehicles, from mainstream brands to luxury and high-performance models, as quickly as possible,” Hyundai CEO Jang Jae-hoon said at the event.
Hyundai unveiled its new mid- and long-term strategy at its 2024 CEO Investor Day. Under the new “Hyundai Way,” the company aims to sell 5.55 million vehicles globally by 2030.
The target would represent growth of about 30 percent from the 4.2 million vehicles sold last year. To achieve this, Hyundai will produce an additional one million vehicles worldwide.
“By leveraging the strengths of best-in-class technology and the innovation challenges we have accumulated over the past,” Hyundai will continue to lead the electric vehicle market, Jae-hoon added.
With a target of selling two million electric vehicles by 2030, Hyundai expects electric models to account for more than a third (36%) of total vehicle sales.
North America, Hyundai’s largest market, is expected to receive 690,000, while 467,000 units will be sold in Europe.
Like many of its competitors, Hyundai has announced plans to launch more hybrid models in the near term. Hyundai will improve its hybrid system, doubling its range from seven to fourteen.
The new hybrid models will include compact, full-size and luxury cars, including under the Genesis brand. Hyundai aims to sell 1.33 million hybrid vehicles in 2028, a 40% increase from 2023.
Hyundai plans three-row IONIQ 9 SUV and electric vehicles for the US
Hyundai’s massive new manufacturing facility, Metaplant America (HMGMA), in Georgia will be critical to the company’s growth plans.
The plant is expected to be operational by the end of 2024 and will produce Hyundai’s new electric vehicles, including the updated IONIQ 5 and its first three-row electric SUV, the IONIQ 9.
Hyundai has confirmed that the IONIQ 9 and IONIQ 5 will be built alongside hybrid models in the US as it looks to meet growing demand.
As part of its new strategy, Hyundai has unveiled plans to launch extended-range electric vehicles (EREVs). An EREV still has a combustion engine, but the engine generates electricity to power the battery.
Hyundai said it has developed a unique new power system that enables all-wheel drive with two motors.
By using its existing motors and reducing battery capacity by about 30%, Hyundai hopes to sell EREVs in a similar price range to plug-in hybrids.
Over 550 miles of range?
The company said the EREVs will include unique electric vehicle-specific driving features and a range of more than 550 miles (900 km).
Mass production will begin in North America and China in late 2026, with full-scale sales starting in 2027. Hyundai and Genesis brands will use the technology to launch new mid-size SUVs in North America, with the goal of selling more than 80,000 units per year.
According to recent reports, Hyundai is also planning to launch an EREV version of its best-selling Santa Fe SUV and pickup in the United States.
Several top-selling electric pickups, including the Tesla Cybertruck and Ford’s F-150 Lightning, have recently been spotted near Hyundai’s plant in Korea.
Ahead of its official debut, Hyundai tested the IONIQ 9 on American streets (watch the video here).
According to Motor intelligenceHyundai Motor Company, which includes Kia and Genesis, surpassed Ford (7.4%) and GM (6.3%) in the second quarter to become the second-best-selling electric vehicle brand in the United States withh double-digit market share (10%).
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