Auto giants around the world have made significant changes to their electrification plans in recent times, with many brands starting to postpone their plans due to the lack of demand for electric models.

Now such a step has come from Hyundai. The South Korean company, known for its remarkable electric models called Ioniq, announced that it will increase its investment in hybrids, and not in electric ones.

The number of hybrid models will double

According to the company’s statement, Hyundai hybrid models will hit the market in the coming period. The number will doubleThe company currently has 7 hybrid vehicles on the market. This number will increase in the coming period This will increase to 14. While it isn’t mentioned when the models will arrive, it is added that they will focus on North America.

Hyundai CEO Jaehoon Chang said in his statement on the matter: low demand He stated that it prompted them to make this decision:

Hybrid vehicle profits approached those of gasoline vehicles, while electric vehicles saw a 25% decline.

The automaker said it will produce both hybrid cars and electric vehicles at its new plant in the US state of Georgia. Last month The profitability of hybrid models is approaching that of gasoline cars While announced, in the 2nd quarter of the year compared to the same period of 2023 sales of electric vehicles It was added that it fell by 25%.

Hyundai aims to increase global sales by 30% by 2030

In addition, information about the company’s future goals was also shared. Auto giant aims to increase annual global sales by 2030 increased by 30% to 5.55 million vehicles plans to release it. Investing in hybrids, where demand is high, is also part of this goal.

Finally the company $3 billion share buyback He announced that he would. Stock buybacks are when a company buys its own shares on the open market or from shareholders. Companies use this strategy to reduce the number of outstanding shares and increase the value of the remaining shares for shareholders. It can also increase earnings per share. After all these statements, the stock rose by as much as 5%.