South Korea’s Hyundai Motor Group will nearly triple the number of its green car models from 13 to 38 in the next eight years to gain a lead in the race for zero-emission vehicles, according to its mid-term outline.

The Korean auto giant, owner of the country’s largest car maker Hyundai Motor Co. and the second largest Kia Motors Corp., released its new group strategy on Wednesday after emerging as the second largest player in the global eco-friendly car market after Japan’s Toyota Motor Corp. in the first half of this year, three years ahead of its original target.

The auto group announced in June that it would develop 31 eco-friendly car models by 2020 to become the world’s No.2 green car company.

Korea’s largest automaker said it plans to bump up its fleet of electric vehicle models to 14 from the current two, releasing at least a new type every year to become No. 3 in the global EV market by 2025. Its EV sales worldwide in the first nine months of this year expanded 2.5 times from the year-ago period with its global ranking rising by five notches to sixth last year.

The company expects it can make it to the top five when EV versions of Hyundai’s Kona as well as Kia’s Niro and Soul are rolled out next April.

The group will also accelerate the commercialization of hydrogen fuel cell vehicles as it has become the first company to begin mass production. It plans to promote its fuel cell technology during the Pyeongchang Olympics in February and officially launch a new model in March.

As for commercial vehicles, all-electric and hydrogen fuel cell buses are awaiting test runs before hitting the roads. Electric trucks including Hyundai’s 1.5-ton Porter and 2.5-ton Mighty will go into mass production in 2019.

The company said it will keep a well-rounded portfolio of hybrid, plug-in hybrid, electric and hydrogen fuel cell vehicles as the market for environmentally-friendly cars is still full of uncertainties.

By Lee Seung-hoon and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]