New ‘Hyundai Way’ strategy fails to rule out combustion engines in EV and hydrogen future

With a target of two million EV sales per year by 2030, Hyundai is looking to be a big player in the all-electric car market - but the Korean firm has just announced it will continue to make combustion-engined vehicles well into the future alongside its new ‘EREV’ models. 

Targets up until 2033 were outlined during Hyundai’s latest ‘Investor Day’ meeting. A new mid to long term strategy was revealed as the ‘Hyundai Way’ with Jaehoon Chang, President and CEO of Hyundai Motor Company, stating that: “Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system.” 

Hyundai previously said in 2022 it would launch 11 all-electric vehicles by 2030, now that number has risen to 21 models by the end of the decade. That’s not to say Hyundai will place all its eggs into the single full-EV basket, however, because in a statement from Hyundai, the brand said it is, “actively responding to customer preferences, recognizing that while EVs are the future of transportation, not all customers are ready to make the switch”. Hence, it continues to offer a range of powertrains, including ICE, hybrids, plug-in hybrids, EVs and hydrogen fuel cell vehicles.

An expansion of its global hybrid lineup from seven to 14 models (including Genesis) is also a part of the Hyundai Way plan and to supplement this there will be new ‘EREV’ offerings (Extended Range Electric Vehicles) which Hyundai says will “serve as key bridge to full electrification”.

Hyundai says the EREVs should arrive by 2027 and will “combine the advantages of internal combustion engines (ICE) and EVs” with the option of four-wheel drive and two-motor applications. In a similar fashion to the likes of the Mazda MX-30 R-EV, the Hyundai EREV will be powered solely by electricity with the combustion engine only used for battery charging. A range of over 560 miles was also mooted for the EREVs. For now, the roll-out of Hyundai’s EREVs will be limited to North America and China with D-segment SUVs and C-segment vehicles respectively. 

Hybrid vehicles will still have a significant role in Hyundai’s future. A new full hybrid line up will introduce the firm’s next-generation ‘TMED-II system’ - an evolution of the existing hybrid unit you’d find on the current Hyundai Tucson. Hyundai claims the new hybrid technology significantly improves “performance and fuel efficiency compared to the existing system”. 

The first cars to feature this will be in production from January 2025 with future hybrid vehicles slated to receive V2L (vehicle to load bi-directional charging) and regenerative braking. 

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