Hyundai Motor Company is sharpening its electric vehicle (EV) strategy, emphasizing the North American market while scaling back its ambitions in Europe. Despite maintaining its global target of 2 million EV sales by 2030, Hyundai has raised its North American sales target to 690,000 units—a 4.5% increase—while reducing its European target by 8.4% to 467,000 units.
This strategic realignment comes as Hyundai’s global sales figures show mixed results. According to the company’s August 2024 sales report, domestic sales rose by 4.6% year-over-year to 58,087 units, while overseas sales declined by 7.2% to 274,876 units. Overall, Hyundai’s total sales for August reached 332,963 units, marking a 5.3% decrease compared to the same period last year.
The dip in overseas sales reflects the challenges Hyundai faces in the global market, particularly in Europe, where EV demand has slowed. In contrast, North America continues to exhibit strong growth in eco-friendly vehicle adoption, driving Hyundai’s decision to bolster its efforts in the region.
Hyundai’s new focus is underpinned by its upcoming Metaplant in Georgia, which is set to boost production capacity to meet the growing North American demand. The company’s broader electrification strategy, including the introduction of hybrid and Extended Range Electric Vehicles (EREVs), will also prioritize North America as it seeks to navigate the evolving global EV landscape.