In its annual investor day on Tuesday, the South Korean automaker, the world's No. 3 auto group by sales together with its affiliate KiaIt would represent around one third of its total vehicle sales, up from 8% expected this year.
In the United States, its biggest market, EV production will account for three quarters of its total vehicle production there by 2030 from just 0.7% now. Hyundai CEO Jaehoon Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to nimble domestic rivals.
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.
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