Hyundai Keeps EV Plans on Track, Confirms Electrified Pickup

Hyundai Motor, which also includes sister company Kia and luxury brand Genesis, this week posted a record operating profit in the third quarter of 2023. That strong performance came with more good news as the automaker is keeping its EV plans right on track.

Unlike Ford and General Motors, which have decided to halt or push back certain EV models and battery plants due to the current challenging situation and a cooling demand, the Korean giant is finding itself in a good enough spot not to envision lowering its production targets.  

Hyundai, Kia and Genesis have collectively sold around 169,000 electrified vehicles globally so far in 2023, up 33 percent from last year, and they expect to launch as many as 31 new EV models by 2030, at which point 3.64 million units will roll off its various plants.

Photo: Marc Lachapelle

“We do not plan to dramatically reduce EV production or our line-up due to likely near-term hurdles as we believe EV sales will grow longer term,” Hyundai Motor’s Vice President and Chief Financial Officer Seo Gang Hyun said at the company’s earnings briefing, per Reuters.

Ultimately, Hyundai wants to become one of the world’s top three electric car manufacturers. The next EVs slated to hit the road in Canada are the Kia EV9 (late fall 2023) and the redesigned Hyundai Kona Electric (early 2024). The three-row Hyundai IONIQ 7, which is closely tied to the EV9, is due in 2025 and will be built in the U.S.

Photo: Dominic Boucher

By the way, the popular IONIQ 5 crossover has seen its prices increase by $2,000 for the 2024 model year. Those of the IONIQ 6 sedan are basically unchanged.

In related news, Hyundai’s Australian division has just confirmed that an electrified pickup will launch down under sometime in 2024, though without specifying if it will be a hybrid or fully electric model. More details will be shared next year. Could we see such a vehicle in North America? It’s certainly a possibility.

Watch: 2023 Genesis Electrified G80 Review

Share on Facebook

More on the subject

ElectricGuess Where Hyundai Plans to Launch a $25K Small Electric Car
Despite some pretty generous incentives from governments, the high cost of electric vehicles remains a major hurdle for most consumers around the world. It’s good to see that a few automakers are working hard to develop more affordable models. You can now count Hyundai among them. The Korean manufacturer has …
Los AngelesHyundai Seven Concept Hints at Future IONIQ 7 Electric SUV
Hyundai chose the 2021 Los Angeles Auto Show to unveil a new concept called Seven. This model foreshadows the introduction of a large electric SUV that will slot above the IONIQ 5 and will fittingly be named IONIQ 7. Remember, the Korean automaker has a veritable onslaught of electric vehicles …
News2025 Hyundai IONIQ 5 N Unleashed as 641-Horsepower Hooligan
Hyundai fittingly chose the Goodwood Festival of Speed in the U.K. to unveil what it believes will become the new benchmark for high-performance, track-oriented EVs—the all-new 2025 IONIQ 5 N. “N brand aims to deliver N’s signature fun driving experience regardless of petrol, electric or hydrogen,” said Till Wartenberg, Vice …
New Models2024 Hyundai Kona: EV Leads the Way
Berlin, Germany— Hyundai’s second-generation Kona puts the EV model at the forefront of styling. It’s the opposite of what the company did with the first generation, which was designed as a gasoline model first and then adapted to the electric variant. The two will continue to coexist while Hyundai’s EV …
Los Angeles2025 Hyundai IONIQ 5 N Debuts in L.A. as Track-Ready EV
Hyundai chose the Los Angeles Auto Show to host the North American debut of the high-performance IONIQ 5 N electric crossover, which we first saw this summer at the Goodwood Festival of Speed. N is to Hyundai what M is to BMW, and it already gave us conventionally powered cars …
NewsHyundai to Sell Cars Online Through Amazon Starting in 2024
Along with the North American premiere of the controversially redesigned 2024 Santa Fe at the Los Angeles Auto Show on Thursday, Hyundai made a surprising announcement: starting in 2024, customers in the U.S. will be able to order a vehicle directly through Amazon. For real. Auto dealers for the first …
First Drives2025 Hyundai IONIQ 5 N: The Closest EV to an ICE Car
Seoul, South Korea— The two electric motors rev at 21,000 rpm and the Hyundai IONIQ 5 N blasts down the main straightaway at the Korea International Circuit. Just like in an ICE-powered sports car, I’m shifting gears using the paddles on the steering wheel, all the while listening to what …