BEIJING, April 24 – South Korean automaker Hyundai Motor announced Friday its plans to introduce 20 new vehicle models across China during the next five years, marking an aggressive strategy to regain its position in the world’s biggest automotive marketplace.
The automaker has faced significant challenges in China, battling declining market share and fierce rivalry from local electric vehicle manufacturers that have dominated the competitive landscape.
Hyundai, which ranks as the globe’s third-largest automotive manufacturer alongside its partner Kia Corp based on sales figures, unveiled its renewed Chinese market strategy during the Beijing auto show.
The company introduced its China-exclusive electric SUV, the IONIQ V, which incorporates technology developed by Chinese autonomous driving company Momenta. Additionally, Hyundai announced plans to debut another SUV model during the first six months of next year.
According to the company, this five-year plan to debut 20 new models through its partnership with Beijing Automotive Group represents Hyundai’s “most ambitious product expansion” effort in the Chinese market.
The automaker confirmed its goal of reaching 500,000 annual vehicle sales in China, which would more than double its present sales volume in the country.
To strengthen its local market presence, Hyundai revealed expanded partnerships with autonomous driving firm Momenta and battery manufacturer CATL, following similar strategies employed by other international automotive brands competing in China’s intensely competitive market.
