BEIJING, April 24 (Reuters) – Hyundai Motor said on Friday it would roll out 20 new models in China over the next five years as it seeks to revive its fortunes in the world’s largest auto market.
The South Korean automaker has struggled in China after years of weak market share and intense competition from domestic electric-vehicle makers.
Hyundai, which together with affiliate Kia Corp is the world’s third-largest automaking group by sales, used the Beijing auto show to signal a renewed push in the country.
It launched the China-specific, all-electric IONIQ V, powered by technology from Chinese autonomous driving developer Momenta, and said it would introduce another SUV model in the first half of next year.
The planned launch of 20 new models over five years with joint venture partner Beijing Automotive Group marks Hyundai’s “most ambitious product expansion” in China, the company said.
Hyundai reiterated its annual sales target of 500,000 vehicles in China, more than double its current volume.
As part of its localisation strategy, Hyundai said it was expanding cooperation with Momenta and battery maker CATL, mirroring efforts by other foreign brands to compete in the fiercely contested market.
(Reporting by Ju-min Park. Editing by Mark Potter)
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