Hyundai aims to double hybrid vehicle offering by 2028

In an in-depth interview, Jose Munoz, President and Global CEO of Hyundai Motor Company, discussed several megatrends influencing the future of mobility. This discussion included advancements in artificial intelligence, digital connectivity, and the evolution of driver assistance systems, which will enhance personal driving experiences. Furthermore, Munoz pointed out significant social trends that affect the automotive market, such as shifting ownership expectations among younger generations like Gen Z and millennials. He addressed demographic shifts and geopolitical factors affecting global supply chains and manufacturing arrangements, emphasizing the importance of adapting to consumer demands rather than merely meeting regulatory requirements. Hyundai plans to double its hybrid electric vehicle portfolio from 7 to 14 models by 2028, aiming to sell over 1.3 million hybrid EVs annually. Muñoz reiterated the company's commitment to achieving carbon neutrality by 2045 while considering the diverse needs of consumers in different regions. He highlighted Hyundai's flexible product strategy, which is informed by customer preferences and allows for rapid adjustments to their portfolio based on market demands. This dynamic approach is essential for maintaining relevance as market conditions evolve in the automotive industry. A notable aspect of Hyundai’s strategy is its focus on long-term growth through innovation and new mobility solutions. Munoz underscored the company's investment in hydrogen fuel cell technology, arguing that it presents a game-changing opportunity for the future of transportation. Unlike other manufacturers, who have relegated hydrogen to a lesser priority, Hyundai sees potential in creating a robust ecosystem around hydrogen vehicles. This aligns with their broader vision of transitioning from being merely vehicle manufacturers to becoming comprehensive mobility providers. In conclusion, Hyundai aims for sustained success amid an evolving automotive landscape by balancing diverse product ranges with strategic investments. The company is well-positioned to navigate market disruptions by maintaining its commitment to dynamic capabilities, which allow swift responses to changes while keeping an eye on long-term objectives. Whether Hyundai's approach will indeed define the future of mobility remains to be seen as the industry continues its transformation.