Seoul - Hyundai and affiliate Kia plan to triple their number of fuel-efficient cars by 2020, addressing concerns about the pair's green track record and competitiveness in fuel economy.
Investors have voiced concern about Hyundai's latest Genesis and Kia's Soul having higher fuel consumption than their predecessors, and about a $350 million (R3.92 billion) fine in the United States for overstating vehicles' fuel economy.
The announcement on Wednesday came a week after the pair pledged to improve the fuel economy of their vehicles by 25 percent by 2020 to meet emissions regulations in the US and Europe and at home in South Korea.
Under Wednesday's plan, Hyundai and Kia will raise their number of fuel-efficient cars to “at least” 22 by 2020 from seven now.
“We have set an internal target of making it to No.2 in the global eco-friendly car market, which is expected to grow from this year's 2.2 million vehicles to 6.4 million in 2020,” Hyundai said in a joint statement with Kia.
Hyundai and Kia plan to release 12 models powered by gasoline-electric hybrid engines, expanding the line-up to small cars and sport utility vehicles.
The pair's green range will also have six plug-in hybrid mid-sized and compact cars, two fuel-cell cars and two battery-powered electric cars.
Reuters