Hyundai Motor including its premium Genesis division has promised to launch 41 new or refreshed models in Europe by 2030 as it commits to a region that other Asian brands have begun to deprioritise in the face of Chinese competition.
New models will include a region-specific small electric SUV, a mid-sized electric SUV and commercial vehicles, Hyundai executives told analysts at the firm’s annual investor day on 26 August.
The company wants to sell almost four times more electric cars in Europe by 2030, with the goal of hitting more than 420,000 units annually, up from 116,000 in 2025.
Hyundai has lagged sibling brand Kia on electric launches, contributing to a widening sales gap between the two marques.
However, the company aims to reverse that with an EV push that starts with the new European-built Ioniq 3 later this year, followed by the Europe-specific small SUV. New combustion-engined model launches include the new i20 hatchback based on a version of the recently revealed Brazilian model as well as a larger replacement for the Tucson compact SUV, the firm’s best-selling model in Europe.
The brand could also decide to import the newly announced extended-range electric version of the Santa Fe SUV, which will be built in the US and is promised to “drive and accelerate like an EV”.
Hyundai’s continuing bet on Europe in the teeth of strong rivalry from fast-growing Chinese brands contrasts with the strategy of Japanese brands such as Nissan and Honda, which have shifted investment away from the region to concentrate on other, more profitable global markets.
“Europe is one of the most competitive regions on the planet,” CEO José Muñoz told analysts and journalists at the event.
Car companies are struggling to match Chinese competitors on cost, particularly in electrified segments, but Hyundai says it has cut 30% out of the battery costs of its next-generation EVs. Combustion engine sales also remain a crucial part of Hyundai’s profit strategy in the region. “Every EV credit we earn protects the ICE and hybrid business alongside it,” said Muñoz.
The company will also continue to build its Genesis brand in Europe, despite subdued market interest since its launch in 2021, with sales below that of Bentley so far this year.
Globally, Genesis will launch a new extended-range EV model in 2027 that promises a range of more than 640 miles thanks in part to a new high-performance battery. A new hybrid version of the GV80 large SUV is also on the way, along with the newly revealed GV90 luxury electric SUV. No announcements have been made about markets for these products, although Europe is likely to be a target destination for new electrified models.