Hyundai Motor [005380:KS] is planning to raise the share of eco-friendly models in total car sales in the US to up to 50% by 2030, as reported by the Korea Economic Daily on January 10. The company’s eco-friendly models include all-electric, plug-in hybrid, gasoline hybrid, and hydrogen fuel-cell electric cars. Currently, the sales of eco-friendly models account for 10% of Hyundai Motor’s total sales in the US. To support this ambition, the South Korean automotive conglomerate will expand its charging facility investment in the US and license only dealers with charging infrastructures to sell its all-electric IONIQ 5 model.
According to Jose Munoz, CEO of Hyundai, the company’s electric vehicle (EV) sales within South Korea went up by over 130% YoY last year. Hyundai has previously stated its intention to become fully electric in major global markets such as the US and Europe by 2040, though no precise date has been given. Later in May 2021, the firm revealed a USD7.4bn investment plan to boost its position in electric cars, hydrogen vehicles, urban air mobility (UAM), robotics, and autonomous driving, along with a plan to expand production facilities in the US. Hyundai’s EV ambition in the US aligns with the North American country’s new EV strategy. On August 5, 2021, US President Joe Biden signed an executive order stating that the US seeks to increase EV sales to 50% by 2030.