SEOUL (Kashmir English): South Korean automaker Hyundai Motor will launch 20 new models in China over the next five years as it seeks to revive its fortunes in the world’s largest auto market, the carmaker said.
The automaker has struggled in China after years of weak market share and strong competition from domestic electric-vehicle makers.
Hyundai together with affiliate Kia Corp is the world’s third-largest automaking group by sales.
The group launched the China-specific, all-electric IONIQ V, powered by technology from Chinese autonomous driving developer Momenta, and said it would introduce another SUV model in the first half of 2027.
Hyundai plan
According to Hyundai, the planned roll out of 20 new models over five years with joint venture partner Beijing Automotive Group marks its “most ambitious product expansion” in China.
The company eyes an annual sales target of 500,000 vehicles in China by 2030, including exports, which could more than double its current volume.
“We want to really export to other markets from China, but we want to be successful here first,” CEO Jose Munoz told media, listing UK, Middle East and Europe as potential destinations for the China-made cars.
As part of its local strategy, Hyundai was expanding cooperation with Momenta and battery maker CATL, the company said mirroring efforts by other foreign brands to compete in the highly contested market.
The company aims to target younger Chinese with lineups including plug-in hybrids, Hyundai’s Beijing officials said, as it wants to differentiate itself from other foreign carmakers also pursuing local partnerships.
