KATHMANDU: Hyundai has stated it is prepared to compete directly with fast-growing Chinese car brands in Europe and will not purchase carbon credits to meet European Union emissions regulations, according to FT.
Xavier Martinet, Hyundai’s Europe chief, said the company plans to meet EU emission targets independently. He confirmed Hyundai has no plans to pool carbon credits with competitors, a strategy several global automakers are using to avoid regulatory fines.
Under EU rules, carmakers must significantly reduce fleet emissions or face heavy penalties. Some manufacturers have partnered with companies such as Tesla, BYD, and other rivals to buy carbon credits. Hyundai, however, has not entered into any such agreement.
The South Korean automaker plans to launch five new electric and hybrid models in the next 18 months. The product expansion will begin with the debut of the electric Ioniq 3 hatchback in April, positioned to compete with the Volkswagen ID.3.
Hyundai and its sister brand Kia currently hold around 8 percent market share in the EU and the UK, the highest among non-European carmakers.
The company said all Hyundai models will offer either an electric or hybrid variant by 2027. However, it acknowledged that the transition to full electrification is progressing more slowly than previously expected.
EU regulations require carmakers to cut emissions by 55 percent by 2030 compared to 2021 levels, increasing pressure on manufacturers to accelerate electrification.
