Hyundai To Double Hybrid Lineup As EV Market Softens

Hyundai Motor Co. plans to double its lineup of hybrid cars as demand for pure electric vehicles slows, and announced a 4 trillion won ($3 billion) share buyback as part of a plan to boost investor returns.

 

Unveiling a new strategy at its 2024 investor day Wednesday, the world’s third-biggest carmaker said it will increase the number of hybrids in its lineup to 14 — moving beyond compact and mid-size cars to add large and luxury vehicles. However, it kept its EV sales target unchanged at 2 million a year by 2030.