Hyundai has set out its ambitious plans for 2030, and it's going to invest €50 billion between now and then to dramatically ramp up production of its electric models, as well as create more hybrids and open more factories.
What do we know about Hyundai's plans?
By 2030, Hyundai wants to build up its overall production to 5.5 million cars per year, of which it wants 3.3 million to be 'electrified', which means both fully-EV and hybrids. Indeed, Hyundai plans 18 new hybrid and plug-in hybrid models by the end of this decade, alongside a 'comprehensive' EV lineup.
Are these all passenger models?
Most will be, but Hyundai says that it's also planning to branch out more into markets such as mid-size pickup trucks and light commercial vehicles.
The plan also calls for new EREV models - Extended Range Electric Vehicles - which will combine battery and petrol generator power for ranges exceeding 1,000km.
What about the tech side of things?
Hyundai has long since said that it wants to focus on 'software defined vehicles' — which means cars which are more reliant on clever software, and which can be theoretically improved over their lifetimes by software updates — and it's aiming for a dramatic improvement in battery technology to boost the range of its fully electric models.
That battery tech will also be crucial to the company's EREV models, with the car maker saying: 'Hyundai's approach utilises in-house high-performance batteries, achieving full EV power performance with less than half the battery capacity, improving accessibility while maintaining exceptional range and performance, and eliminating range anxiety.'
The Korean giant says that its next-gen batteries will have 15 per cent higher energy density and 15 per cent shorter charging times. New battery management systems will also boost performance, while new designs will protect against potential thermal runaway and fire incidents.
Hyundai's also not going to give up on hydrogen fuel cells, although it is shifting its hydrogen focus away from passenger cars and towards commercial vehicles.
There are also plans for a next-generation in-car infotainment system called Pleos Connect.
What new models will we see?
Well, the new EREV models are still under wraps, but we know that the cute little Ioniq 3 (as previewed by the Concept Three shown recently in Munich) will join the Ioniq lineup, and Hyundai has said that the high-performance N series will expand to seven models by 2020, which means five new N-cars joining the existing Ioniq 5 N and Ioniq 6 N.
Luxury brand Genesis — celebrating its tenth birthday — is also set for an expansion, including production versions of its gorgeous concept models, the X Gran Equator SUV and the X Gran Coupe, as well as a racing effort which will see Genesis on the grid at Le Mans.
What else do we know?
We know that Hyundai is planning new factories, including a big one in Georgia, in the US. There are also plans for 'CKD' factories — making cars from boxes of kits, just like Ireland in the 1970s — for places like Saudi Arabia.
Hyundai is also continuing to work with the likes of Waymo — on autonomous cars — General Motors — on co-developed EVs — Amazon — on online sales — and Boston Dynamics — on robotics.
For all that, Hyundai does reckon that its overall profitability will shrink a little — to 7-8 per cent — because of the impact of Trump tariffs.
"In an industry facing unprecedented transformation, Hyundai is uniquely positioned to win through our unmatched combination of compelling products, manufacturing flexibility, technology leadership, outstanding dealer partners and global scale,” said José Muñoz, President and CEO of Hyundai Motor Company. “We are delivering comprehensive electrified portfolios across all segments, localising production in key markets, and leveraging breakthrough technologies from Software-Defined Vehicles to next-generation batteries. Our ability to adapt quickly, combined with the power of Hyundai Motor Group's 50+ affiliates and our unwavering commitment to customers, will enable us to continue unlocking tremendous value for our stakeholders. It's a great time to be with Hyundai.”