South Korean automaker Hyundai Motor Company plans to expand its global annual production capacity by 1.2 million units by 2030, the company’s CEO, Jose Munoz, told shareholders at an annual meeting held at its headquarters in Seoul this week.

Jose Munoz said the increased capacity will come as a result the company’s accelerated localization strategy, as it responds to recent import tariffs in the US and tailors to diverging regional demand amid a global shift to electrification. The CEO sees these changes as posing an increased risk to trade, but also as an opportunity to increase global sales.

Jose Munoz confirmed that the Hyundai Motor Group Metaplant America is expected to ramp up to full capacity by the end of the decade, adding hybrid production capacity in the region, while new production hubs will come on stream in India, Saudi Arabia, and Vietnam.

He told the company’s shareholders: “We will produce more vehicles closer to where our customers live. We will expand our global annual production capacity by 1.2 million units by 2030, and this is how we turn trade challenges into structural advantages.”

Hyundai Motor confirmed that it plans to introduce extended range electric vehicles (EREVs) with a driving range of over 600 miles in North America in 2027, featuring high-performance batteries and motors.

In China, the automaker plans to launch 20 new models in the next five years, with the aim of doubling annual sales to 500,000 units from current levels. The company recently launched the Elexio battery-powered SUV, which will soon be followed by a C-segment battery-powered sedan.

In India, the company is investing US$ 5 billion, with the aim of launching 26 new models by 2030, including the first locally engineered and designed battery-powered SUV by 2027, while also launching its upmarket Genesis brand.