Hyundai Motor Co. has unveiled an ambitious plan to double its hybrid vehicle lineup to 14 models as part of its strategy to address the slowing demand for pure electric vehicles (EVs). The company also announced a $3 billion share buyback program aimed at boosting investor returns.

Expansion of Hybrid Lineup

This new strategy was revealed during Hyundai’s 2024 investor day, where the company outlined its plans to expand its hybrid offerings beyond compact and mid-size cars to include large and luxury vehicles. Despite the slowdown in EV demand, Hyundai remains committed to its EV sales target of 2 million units annually by 2030.

Extended-Range EV

The company also plans to introduce an extended-range EV capable of traveling over 900 kilometers on a single charge. This move reflects Hyundai’s commitment to balancing its EV ambitions with the current market realities.

Share Buyback Program

The share buyback program is expected to enhance shareholder value and demonstrate Hyundai’s confidence in its long-term growth prospects. By expanding its hybrid lineup, Hyundai aims to cater to a broader range of consumers and maintain its competitive edge in the rapidly evolving automotive market.