By Ju-min Park
BEIJING, April 24 (Reuters) - Hyundai Motor will roll out 20 new models in China over the next five years as it seeks to revive its fortunes in the world's largest auto market, the carmaker said on Friday.
The South Korean automaker has struggled in China after years of weak market share and intense competition from domestic electric-vehicle makers.
Hyundai, which together with affiliate Kia Corp is the world's third-largest automaking group by sales, used the Beijing auto show to signal
a renewed push in the country.
It launched the China-specific, all-electric IONIQ V, powered by technology from Chinese autonomous driving developer Momenta, and said it would introduce another SUV model in the first half of next year.
The planned launch of 20 new models over five years with joint venture partner Beijing Automotive Group marks Hyundai's "most ambitious product expansion" in China, the company said.
Hyundai aims to achieve an annual sales target of 500,000 vehicles in China by 2030, including exports, which could more than double its current volume.
"We want to really export to other markets from China, but we want to be successful here first," CEO Jose Munoz told media at the event, listing Britain, Europe and the Middle East as potential destinations for the China-made cars.
"We don't want China to be just an export hub, but also an export hub."
As part of its localisation strategy, Hyundai said it was expanding cooperation with Momenta and battery maker CATL, mirroring efforts by other foreign brands to compete in the fiercely contested market.
Hyundai will target younger Chinese with lineups including plug-in hybrids, Beijing officials of the company said, so as to differentiate itself from other foreign carmakers also pursuing local partnerships.
(Reporting by Ju-min Park; Editing by Mark Potter and Clarence Fernandez)
