Hyundai Motor said on Wednesday that it plans to expand its overall production capacity by 1.27 million units by 2030 and launch more than 100 new or updated models to strengthen its competitiveness in global markets. According to Sina Finance, Hyundai Motor CEO Jose Munoz outlined the plan at a CEO Investor Day event in Seoul, saying it is aimed at responding to intensifying market competition, especially challenges from Chinese rivals.

The South Korean automaker said it plans to roll out dozens of new or updated models over the next decade, including facelifted models, partially redesigned models and other variants, among them 18 all-new models. It also plans to launch the Genesis GV80 hybrid in South Korea and the United States later this year, followed by a long-range electric vehicle in the first half of 2027.

Hyundai Motor said its best-selling Tucson SUV and its hybrid version are also expected to go on sale in the second half of this year. To support its expanded lineup and sales targets, the company plans to lift global production capacity from about 5 million units now. The targets include 500,000 units in North America, 320,000 in India, 200,000 in South Korea, and another 250,000 units to be produced under the CKD model.

The company kept its previously announced sales target of 5.55 million global vehicle sales by 2030 and said it aims to raise the share of battery electric vehicles to 60% of total sales that year. It also said it will strengthen cooperation with global partners to accelerate software-defined vehicle and autonomous driving development.

Hyundai Motor plans to deliver an autonomous taxi based on the Ioniq 5, produced at Hyundai Motor Group Metaplant America in Georgia, to Waymo in the fourth quarter of this year. It also plans to deploy Boston Dynamics' Atlas humanoid robots at the HMGMA plant from 2028 to advance physical AI commercialization and expand robot use in manufacturing.

The company said autonomous driving data is expected to grow sharply by 2029, and it plans to open an AI data center in the Saemangeum reclaimed area on South Korea's southwest coast. The facility is expected to have 100 megawatts of computing power and support more than 50,000 GPUs.

Hyundai Motor also said in a regulatory filing that it plans to buy back 789.1 billion won of its own shares.