Hyundai has recently announced an ambitious expansion plan for the Chinese market. CEO José Muñoz stated during the annual shareholders’ meeting the goal of reaching 500.000 annual sales in the Asian country in the medium term. This figure would represent more than double today’s volumes and testifies to the South Korean group’s desire to regain ground in a key market for the global automotive industry, despite strong local and international competition.
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Hyundai aims high in China
At the same time, the parent company confirmed an aggressive strategy for North America as well, defined as its most profitable region. In this case, Hyundai intends to launch 36 new models by 2030. The figure includes all variants of each model, therefore electric, hybrid, and gasoline, and is part of a logic of expanding the offering and adapting to different demand segments. Currently, Hyundai markets 25 models in North America, 20 of which are in the US market.
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Strategy for North America as well
However, the announcement came in a context of caution in the markets. Hyundai shares recorded a 2,5% drop at 02:58 GMT, slightly better than the -3,1% of the benchmark KOSPI index. Investors seem to be weighing growth opportunities against the risks and costs associated with such ambitious expansion plans, while the company will have to demonstrate that it can convert announcements into concrete results in terms of sales and profitability.
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