Korean Media: 3312.8% Surge, Hyundai Motor Plans to Produce 41,000 Eco-Friendly Vehicles in China This Year!
On May 7, South Korean media outlet Seoul Economic Daily published an article stating that Hyundai Motor has set an ambitious target to increase its production in the Chinese market by more than 10% compared to last year. The company plans a comprehensive strategic shift away from internal combustion engine (ICE) vehicles, aiming to boost the output of eco-friendly models such as electric vehicles (EVs) by over 33 times year-on-year, and will enter direct competition in China's EV market—dominated by local players like BYD and Geely.
According to industry insiders, Hyundai Motor recently unveiled its detailed production plan for key regions this year internally.
Hyundai’s production target for the Chinese market this year is set at 218,000 units, representing a 10.8% increase from the previous year. Compared to the global overall growth forecast of just 0.5%, this figure stands out significantly. Analysts point out that this scale far exceeds targets in major markets such as North America (3.1%), India (3.1%), and Europe (-0.1%), reflecting Hyundai’s strong determination to enter the Chinese market and confidence in its growth potential.
Hyundai aims to rapidly accelerate its growth in China, with a primary focus on eco-friendly vehicles like electric cars. Specifically, Hyundai has set an annual production target of 41,500 eco-friendly vehicles for its Chinese joint venture, Beijing Hyundai, marking a staggering 3312.8% year-on-year increase. In stark contrast, the target for ICE-powered vehicle production at Beijing Hyundai is set at 174,750 units, expected to decline by 9.7% year-on-year. As a result, the share of eco-friendly vehicles in Beijing Hyundai’s total production is projected to rise sharply from 0.6% last year to approximately 20% this year.
Hyundai will also expand its new car lineup. Over the next five years, the company plans to launch 20 new models in China. Through these initiatives, Hyundai aims to increase its sales volume from the current 200,000 units to 500,000 units by 2030.
The strategic shift toward electric vehicles by Hyundai is driven by the rapidly changing demand landscape in China. As Chinese EV manufacturers swiftly reshape the domestic market landscape, consumer preference for internal combustion engine vehicles is steadily declining. According to the China Passenger Car Association, demand for ICE vehicles in China this year is expected to reach 9.05 million units, a drop of nearly 20% compared to last year.
Original Source: toutiao.com/article/1864519355982859/
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