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 deprioritize in the face of Chinese competition.
The new models will include a new region-specific small electric SUV, a new mid-size electric SUV and new commercial vehicles, Hyundai executives told analysts at the company’s annual investor day on Aug. 26.
The company wants to sell almost four times more electric cars in Europe by 2030, with the goal of reaching more than 420,000 units per year, compared to 116,000 in 2025.
Hyundai has lagged behind sister brand Kia in electric vehicle launches, contributing to a widening sales gap between the two brands.
However, the company aims to reverse that with a push into electric vehicles starting with the new European-made Ioniq 3 later this year, followed by the Europe-specific small SUV. New combustion engine model launches include the new i20 hatchback based on versions of the recently revealed Brazilian model, as well as a larger replacement for the Tucson compact SUV, the brand’s best-selling model in Europe.
The brand could also decide to import the recently announced extended-range electric version of the Santa Fe SUV, which will be made in the US and promises to “drive and accelerate like an electric vehicle.”
Hyundai’s continued commitment to Europe despite strong rivalry from fast-growing Chinese brands contrasts with the strategy of Japanese brands such as Nissan and Honda, which have diverted their investments 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 costs, particularly in electrified segments, but Hyundai says it has reduced battery costs for its next-generation electric vehicles by 30%. Combustion engine sales also remain a crucial part of Hyundai’s profit strategy in the region. “Every EV credit we get protects ICE and the hybrid business along with it,” Muñoz said.
The company will also continue to develop its Genesis brand in Europe, despite weakening market interest since its launch in 2021 with sales lagging behind Bentley’s so far this year.
Globally, Genesis will launch a new extended-range electric vehicle model in 2027, promising 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 will also arrive alongside the recently revealed GV90 luxury electric SUV. No announcements have been made regarding markets for these products, although Europe is likely to be a target destination for new electrified products.
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