Hyundai Motor Company executives announced on Friday that they plan to more than double the contribution of the Chinese market to their global sales by 2030, targeting approximately 9%. This strategy is designed to reverse a multi-year trend of declining sales in the region.

The automaker intends to launch 20 new models, including the Ioniq Venus and Earth concept cars specifically developed for the Chinese market, in an effort to regain favor with local consumers.

To enhance product localization and ensure high vehicle performance, Hyundai is collaborating with Chinese companies on autonomous driving technology and partnering with battery giant Contemporary Amperex Technology Co. Limited.

The Chinese market once accounted for nearly one-fifth of Hyundai's global sales but currently represents about 4%.