Hyundai Motor plans to launch 41 new or updated models in Europe by 2030, including its Genesis premium brand, Autocar reports.

The South Korean automaker is betting on the European market despite growing competition from Chinese carmakers. The new models will include a compact electric crossover, a mid-size electric crossover, and commercial vehicles designed specifically for Europe.

Hyundai expects to almost quadruple its sales of electric vehicles in the region, from 116,000 in 2025 to more than 420,000 vehicles annually by 2030. The electric expansion will begin with the Ioniq 3, which will be produced in Europe and will hit the market later this year.

The company will then introduce a new compact electric crossover. Among the internal combustion engine models are the new i20 hatchback and a larger successor to the Tucson, which is currently Hyundai’s best-selling model in Europe. The company is considering also a new version of the Santa Fe with an extended range for Europe.

Such a car will be built in the US and, according to Hyundai, will combine the features of an electric car with an extended range. Hyundai’s decision to continue investing heavily in the European market differs from the strategy of some Japanese rivals, including Nissan and Honda, which are reducing their investments in the region, prioritizing more profitable markets.

“Europe is one of the most competitive regions on the planet,” Hyundai CEO Jose Munoz said. One of the main challenges for automakers remains competing with Chinese companies on the price of electric cars. Hyundai claims that it has managed to reduce the cost of batteries for its next-generation electric cars by 30 percent.

At the same time, the company intends to continue to focus not only on electric cars, but also on cars with NAZ and hybrid models. Also, Hyundai will continue to develop its Genesis premium brand, despite the still modest results in Europe after entering the market in 2021. In 2027, Genesis plans to introduce an electric car with an increased range, which will be able to travel more than 1,000 km without recharging. In addition, a hybrid version of the large GV80 crossover and an electric GV90 SUV are being prepared.