Hyundai Motor has unveiled a two-track growth strategy on mobility and energy to elevate its position as the world’s top-tier smart mobility solutions provider, the automaker said, Wednesday.
Under the group’s mid- to long-term strategy, known as the Hyundai Way, the carmaker unveiled the plan during its annual CEO Investor Day event to invest 120.5 trillion won ($90.1 billion) until 2033. This represents a 10.1 percent increase from an investment plan shared last year.
The company clarified two key growth pillars for the strategy: electrification and hydrogen energy. More than half of the investment will be used to develop next-generation hybrid cars, extended range electric vehicles (EREV) and batteries for EVs.
Despite a slowdown in global EV industry growth, the company reaffirmed its commitment to preemptively tackling market uncertainties by introducing the EREV. Those vehicles are quite similar to hybrid cars, as they are equipped with both an 한국을 internal combustion engine and a battery. But the engine in an EREV is used solely to charge its battery, making these vehicles more similar to typical EVs that are powered by an electric motor.
Hyundai Motor said it plans to mass produce EREVs in North America and China around the end of 2026, with sales set to start the following year. The upcoming EREVs from the carmaker will be able to travel more than 900 kilometers on a single charge, so the automaker expects them to serve as a bridge ahead of full-fledged electrification.