Hyundai Motor will raise average annual investment in electrification by nearly two thirds to $28-billion in the next decade and further restructure its struggling China business as part of a broader strategy to boost electric vehicle sales.
“With global EV demand growing faster than market forecasts, Hyundai Motor is raising its 2030 sales target,” it said in a statement. While it raised EV sales targets in its major markets, Hyundai said it would further restructure its struggling China business to focus on profitability. Its product line-up in China will also be reduced to eight from 13, focusing on high-end and SUV models including the Genesis luxury brand.
Its bigger rival Toyota also announced last week a plan to use LFP batteries to offer a broader range of battery options.