Hyundai will launch 20 new models in China in the next five years with the aim of regaining momentum in the world’s largest automotive market. The South Korean manufacturer announced this itself, presenting an expansion plan at the Beijing Auto Show that aims to strengthen its presence after years of weak market share and increasing competitive pressure, especially from domestic electric vehicle manufacturers.
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Hyundai wants to expand in China
As part of the strategy, Hyundai unveiled the new IONIQ V, a 100% electric car designed specifically for the Chinese market and based on autonomous driving technology developed by the Chinese company Momenta. Furthermore, the arrival of another SUV model in the first half of next year was confirmed. The Korean automaker indicated that the introduction of 20 new vehicles within five years, developed with joint venture partner Beijing Automotive Group, represents the most ambitious product expansion ever launched in China.
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20 new models in China within five years
Hyundai aims to achieve 500,000 annual sales in China by 2030, including exports, a target that could more than double current volumes. Jose Munoz, CEO of the Korean company, explained that the intention is to export from that country to other markets, such as Great Britain, Europe, and the Middle East, but first “succeed here,” so that China is not only an export hub but also a production and commercial benchmark. So much so that, to differentiate itself further, Hyundai plans to accelerate localization by also strengthening collaboration with Momenta and with CATL for batteries and focusing on solutions suitable for younger consumers, including plug-in hybrids.
