Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), has come up with an aggressive product roadmap for its hybrid push in the U.S. market to beat Japan's Toyota Motor (TYO:7203), the Financial Times reported Wednesday.
The South Korean automaker, in its investor day on Wednesday, unveiled its plan of more than 100 new vehicle launches and model updates through 2030, which comprise 58 for North America. Hybrids are expected to make up more than 50% of sales in the region, the report said.
The group plans to enter 18 new vehicle segments, including mid-size pickups, which would increase its competition with Ford, Toyota and General Motors in the U.S. It also plans to introduce range-extended electric vehicles in H1 2027 as it looks to offset weakening U.S. EV demand following tax credit cancellations, it said.
Shares of Hyundai Motor and Kia fell over 2% and 3%, respectively, in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)