Hyundai Motor announced on Thursday its ambitious plans to more than double its sales in China over the medium term while introducing dozens of new models in North America by the end of the decade.
Speaking at the company’s annual shareholder meeting, CEO Jose Munoz stated that Hyundai is targeting annual sales of 500,000 vehicles in China as part of its medium-term strategy—a figure that would represent more than double its current volume in the market.
In North America, which the automaker considers its most profitable region, Hyundai said it plans to launch 36 new models by 2030. That count includes various powertrain variants for each model, such as electric, hybrid, and gasoline versions. Currently, Hyundai offers 25 models in North America, with 20 of those available in the U.S. market.
Despite the ambitious outlook, shares of Hyundai Motor were down 2.5% in early trading, though the decline was slightly less severe than the 3.1% drop seen in the broader KOSPI index.
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