Hyundai Cars: Hyundai is planning to expand its hybrid car range in the Indian market soon, from compact and midsize to large and luxury SUVs. In view of the declining demand for electric vehicles, the company has now decided to double the production of its hybrid car lineup compared to earlier. After this, the number of hybrid cars in the lineup will reach 14. The company has also announced to increase the returns of its investors in order to promote hybrid cars.
Preparations to introduce EV with the longest range ever
The South Korean company is now going to focus on manufacturing hybrid vehicles like Ford Motors, Porsche and Mercedes-Benz in view of the declining demand for its EV vehicles. Apart from this, Hyundai is also preparing to introduce an electric car equipped with maximum range capability in the US and China. This car will be able to cover a mileage of more than 900 kilometers on a single charge. To increase the range capacity in this car, the company will include a small engine in the EV to keep the on-board battery charged during driving.
Will invest heavily in the plan to boost investors’ returns
Automaker Hyundai has announced a 4 trillion won ($3 billion) share buyback plan to boost returns for its investors and push the adoption of hybrid cars. The carmaker will also spend 121 trillion won over the next 10 years to make progress in areas such as EV batteries and software, as well as to boost production and accelerate the adoption of hydrogen cars in the future.
Hyundai’s upcoming strategy revealed
On the occasion of 2024 Investor Day, automobile manufacturer Hyundai has unveiled its upcoming strategy with plans to expand hybrid vehicles. Under this, it has planned to introduce new hybrid cars and sell 20 lakh electric cars per year by 2030 as per the pre-determined target of expanding its electric car market.
