AssetID: 54064012
Headline: UNCAPTIONED: Hyundai to Expand Hybrid Car Range Amid Slowing Demand for Electric Vehicles
Caption: Hyundai to Expand Hybrid Car Range Amid Slowing Demand for Electric Vehicles. Hyundai is doubling its hybrid car model range, increasing its portfolio to 14 amid slowing demand for fully electric vehicles, The Guardian reports. The company plans to enter the large and luxury vehicle sectors with new hybrid and electric vehicle (EV) offerings. Hyundai's expansion is part of its strategy to address the "EV deceleration," with plans to gradually increase EV models by 2030. Hyundai will launch an extended-range EV capable of over 500 miles on a single charge in North America and China, addressing consumer concerns over "range anxiety.” Despite the hybrid expansion, Hyundai maintains its EV sales target of 2 million units annually by 2030. The UK car industry recently downgraded its forecast for EV sales, reflecting broader concerns over meeting government EV targets. The UK government mandates that 22% of car sales must be battery-powered by 2024, increasing to 80% by 2030, a target that some manufacturers fear missing. Labour plans to reintroduce a ban on new petrol and diesel car sales by 2030, after it was delayed until 2035 by former Prime Minister Rishi Sunak. Traditional car manufacturers like Ford, Porsche, and Mercedes-Benz are scaling back their EV sales targets due to the slowdown in demand. Tesla is struggling to maintain its sales pace, resorting to significant price cuts globally to stimulate demand. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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