- Hyundai Motor Group isn't slowing down on EVs.
- The Korean automaker's CEO announced big news for North America, including the Ioniq 9 SUV to be built in Georgia and a new extended-range electric vehicle, or EREV.
- Hyundai will also double its hybrid lineup, including for the Genesis luxury brand.
Yet again, as other automakers begin to slow down on electric vehicles, Korea's Hyundai Motor Group is stepping on the accelerator. At the automaker's annual CEO Investor Day event in Seoul, senior leaders announced their strategy over the next few years, keeping a goal to sell 2 million EVs per year globally by 2030 but adding more hybrids into the mix—including a long-rumored new type of vehicle that may serve as the ultimate "bridge" between internal combustion and electric power.
Hyundai Motor President and CEO Jae Hoon Chang also announced big plans for the U.S. market, and for U.S. jobs: the upcoming new Hyundai Ioniq 9 electric three-row SUV will be built at the new Metaplant in Georgia, joining the familiar Ioniq 5 expected to start production there later this year.
In doing so, Chang also reaffirmed the name of the new SUV, which was previously called the Hyundai Ioniq 7. Unveiled as the Hyundai Seven Concept in 2021, the production version is expected to be seen at the Los Angeles Auto Show later this year.
Gallery: Hyundai Seven Concept
"Hyundai Motor is making significant strides in its quest to become a global top-tier player in the EV market," Chang said in prepared remarks. "As the only global automaker with a full battery system lineup, Hyundai Motor is dedicated not only to improving battery performance but also to ensuring that EVs are affordable, safe and easy to maintain."
Georgia production of the Ioniq 9 had been expected, especially given the success of the similar Kia EV9 three-row crossover in America—which is also now built in the U.S. The Metaplant factory in Bryan County near Savannah is due to produce up to 300,000 vehicles per year while bringing thousands of jobs to the area, company officials have said. Building the Ioniq 9 here should qualify the car for U.S. EV tax credits of some sort.
In addition, with Ford now pivoting to a hybrid setup for its previously all-electric three-row SUV, Hyundai and Kia may get an even bigger lock on the mainstream three-row EV segment—for now, at least.
But even as it kept in place that aggressive global EV sales target, Hyundai officials admitted that the path to an electric future has been slower and less even than expected. As such, Chang confirmed that the automaker will step into EREVs—short for "Extended Range Electric Vehicle."
A modern take on the concept pioneered by the BMW i3 and Chevrolet Volt, an EREV is essentially a battery-powered EV that also packs a gas engine, but only as a generator to recharge that battery pack. The gas engine does not drive the wheels.
"The new EREV will combine the advantages of internal combustion engines and EVs," Chang said. "Hyundai Motor has developed a unique new powertrain and power electronics system to enable four-wheel drive with the application of two motors. The operation is powered solely by electricity, similar to EVs, with the engine being used only for battery charging."
In addition, that EREV model will be built in North America (the automaker did not disclose exactly where) and China in 2026, Chang said. They will debut as SUVs from Hyundai and the Genesis luxury brand with a target of 80,000 units per year on this continent. At least some models will offer "refueling and stress-free charging" with a range of over 900 km, or 560 miles, when fully charged.
"It provides EREV customers with a responsive EV-like driving experience, allowing consumers to naturally transition to EVs during future demand recovery periods," Chang said. From 2030 onward, "Hyundai Motor aims to build a full lineup of EVs, from affordable EVs to luxury and high-performance models, and launch 21 models by 2030 to provide consumers with various options." China will get more subcompact EREV models too, he added.
Earlier reports indicated that the next Hyundai Santa Fe and future trucks could get an EREV setup, but that was not confirmed on today's call.
Hyundai isn't the only automaker getting into the EREV game. Stellantis is as well, with the highly anticipated Ram Ramcharger truck that rides on a battery EV platform but also uses a V6 engine only for recharging. Mercedes-Benz is rumored to offer the same setup as an option on the upcoming CLA-Class too. By building cars on an EV platform but adding a gas engine only for charging, automakers can prepare their R&D and manufacturing for the future while the EV charging networks get built out—all with the ostensible goal of going all-electric someday. At least, that's the idea, anyway.
In the meantime, Hyundai also announced a major expansion of its hybrid offerings. The automaker has seen considerable success in the U.S. with cars like the Santa Fe Hybrid and Sonata Hybrid, so more models are coming, including to Genesis. Those cars will also be built in Georgia. "This strategy will allow the company to respond swiftly to the North American market, which currently faces a shortage of hybrid supply, and to enhance the operational efficiency of the factory," Chang said.
Perhaps most importantly, Hyundai is targeting one thing for all of these electrified cars that has often eluded other automakers: actual profits across the board. "The company expects to achieve equal profitability on its entire powertrain lineup, including ICE, hybrids, EREVs and EVs by 2030," Chang said.
Contact the author: patrick.george@insideevs.com
