As consumer demand for pure electric vehicles (EVs) experiences a slowdown, the South Korean carmaker Hyundai has announced plans to double its range of hybrid car models. The company, which ranks as the world’s third-largest carmaker, is expanding its hybrid vehicle portfolio to 14 models in response to the shifting market trends.
Hyundai’s decision to increase its hybrid offerings comes amidst a wider industry trend, with several traditional manufacturers reevaluating their EV strategies. The company aims to address the EV deceleration by not only expanding its hybrid range but also introducing new extended-range EV (E-REV) models. These E-REVs, capable of travelling more than 500 miles on a single charge, will be released in North America and China to alleviate consumers’ range anxiety concerns.
Despite the focus on hybrid vehicles, Hyundai remains committed to its EV sales target of 2 million units per year by 2030. The company plans to gradually increase its EV models by 2030, anticipating a recovery in EV demand. This strategy aligns with the UK car industry’s recent downgrade of its EV sales forecast for the current year, with the Society of Motor Manufacturers and Traders adjusting its prediction from 19.8% to 18.5% of total sales.
Hyundai’s announcement comes as Chinese electric and hybrid vehicle makers continue to push ahead, while traditional manufacturers are retrenching in response to the slowdown in consumer demand. Companies such as Ford, Porsche, and Mercedes-Benz have all revised their EV sales targets, while Tesla, the electric vehicle leader, is facing challenges in matching its previous year’s sales volume of 1.8 million cars.
The shift towards hybrid vehicles and the introduction of budget-friendly EV models, such as the $17,000 Xpeng from China, underscore the industry’s efforts to adapt to changing consumer preferences and market conditions. As governments worldwide set ambitious targets for EV adoption, carmakers are navigating a complex landscape, balancing the need for sustainable transportation with the realities of consumer demand and technological limitations.
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