How Will Hyundai hit its Target to Build 3.3 Million EVs?

At its first CEO Investor Day outside of Korea, Hyundai Motor Company revealed a growth strategy with a pronounced focus on sustainable mobility and manufacturing excellence.

Hyundai's leadership team outlined its plans in New York, reaffirming a commitment to achieving 5.55 million global vehicle sales by 2030, with a large portion of these being electrified.

Speaking at the event, José Muñoz, President and Chief Executive Officer of Hyundai Motor Company, detailed Hyundai’s transformation into a global mobility leader.

He said that electrified vehicles are expected to account for 60% of total sales, reaching 3.3 million units, with strong growth forecast in North America, Europe, and Korea. This move towards electrification is a central pillar of Hyundai’s forward-looking vision.

"In an industry facing major transformation, Hyundai is uniquely positioned to win through our unmatched combination of compelling products, manufacturing flexibility, technology leadership, outstanding dealer partners and global scale,” says José.

He adds: “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.”

Electrification and product portfolio

Hyundai’s strategy reinforces its target of 5.55 million global vehicle sales by 2030, with sustainability goals of EVs reaching 3.3 million units by that year. This includes the introduction of over 18 new hybrid models.

Hyundai also intends to enter one of the industry's largest segments with the launch of its first mid-size pickup truck within the next five years.

A key part of its electric vehicle expansion includes the introduction of Extended Range EV (EREV) models, scheduled for launch in 2027. Unlike conventional approaches, Hyundai’s EREVs will utilise in-house high-performance batteries.

This design could achieve full EV power performance with less than half the battery capacity of some competitors, providing full electrification over a range of more than 600 miles.

Commitment to sustainable manufacturing

These ambitions are aligned with Hyundai’s ‘Progress to Humanity’ vision.

Hyundai says this "reflects our belief that advancing emissions-free mobility is not only sound business, but a shared responsibility to ensure cleaner air, stronger economies, and a better quality of life for future generations".

In Hyundai's 2025 Sustainability Report, José discussed this commitment further: “Our commitment to achieving 100% renewable energy (RE100) across our businesses is taking shape through large-scale renewable energy purchase agreements in Korea, the US, and India. We’re also maximising water recycling and working towards our ultimate goal of carbon neutrality by 2045.”

This dedication extends to its manufacturing footprint. José outlined how the Hyundai Motor Group Metaplant America (HMGMA) is projected to reach a total production capacity of 500,000 units by 2028.

This expansion in Georgia, US, will involve a US$2.7bn investment over three years. Hyundai aims to produce more than 80% of vehicles sold in the US domestically by 2030, a move that will increase supply chain content from 60% to 80%.

Manufacturing improvements also include the implementation of software-defined factories, where software is central to controlling and optimising production processes for greater efficiency.

Luxury brand and financial strategy

Hyundai's luxury brand Genesis is celebrating its 10th anniversary and 1,000,000 cumulative sales. According to José, Genesis aims to reach 350,000 annual sales by 2030, expanding its presence in up to 20 European markets while strengthening US-based production and EREV launches.

Seung Jo (Scott) Lee, Hyundai’s Chief Financial Officer, detailed Hyundai’s financial strategy, which includes an increase in target revenue by 5-6%. Hyundai also adjusted its OPM target to 6-7%. A KRW 77.3tn investment is planned for research and development capital expenditure and strategic investment.

Looking ahead, José reiterated Hyundai's direction: “We’re not just adapting to change - we’re leading it. Through our commitment to electrification, our investment in software-defined vehicles, our focus on manufacturing excellence, and our dedication to treating every customer like an honoured guest, we’re building the mobility company of the future.”