The news: Hyundai is planning to release 17 fully electric vehicle models by 2030 in an effort to stay on par with rival automakers, the company announced on Wednesday.

Details: Out of the 17-car fleet, 11 are Hyundai models and six are Genesis luxury cars, according to the company’s “strategic roadmap,” which also includes increasing production capacity, product competitiveness and software competency.

  • Additionally, three of the cars in the lineup will be sedans, including their new release Ioniq 6, six SUVs, including Ioniq 7, one light commercial vehicle and one “new type model.” Genesis’ lineup will include two cars and four SUVs, according to CarScoops.
  • The company aims to invest $16 billion in EV-related projects and capture 7% of the market by the end of the decade, per Engadget.

What they’re saying: “Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic,” said President and CEO Jaehoon Chang.

  • “Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘mobility solutions provider’ through advanced technologies of not only hardware but also software,” he said.

State of play: This news is exciting but it may not be enough to keep pace with the competition. Other companies like General Motors and Toyota are investing $35 billion and $70 billion respectively, amounts much higher than that of Hyundai.

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Flashback: Last year, Hyundai revealed plans to completely ditch combustion engines by 2025. But at the time, the company only had eight vehicles in development, Engadget noted.

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