Hyundai Motor accelerates electrification strategy

Hyundai Motor CEO Jaehoon Chang unveiled the company’s electrification roadmap and strategies at the 2022 CEO Investor Day forum.

Hyundai plans to sell 1.87 million BEVs annually by 2030 by strengthening its line-up and to introduce 17 new BEV models by 2030; 11 for Hyundai models and six for the Genesis luxury brand.

The roadmap for Hyundai’s battery electric vehicle (BEV) is supported by: strengthening BEV line-ups, optimising manufacturing capacity, and securing hardware and software competitiveness.

Under the plan, the company aims to boost annual global BEV sales to 1.87 million units and secure a 7 percent level of global market share by 2030.

Hyundai also presented its mid-to long-term financial goals. The company earmarked KRW 95.5 trillion of investment for future businesses by 2030, including KRW 19.4 trillion for electrification and KRW 12 trillion for software capabilities.

By 2030, Hyundai also targets to achieve an operating profit margin of 10 percent or higher in EV businesses by enhancing competitiveness in hardware and software capabilities with an expanded line-up. On a consolidated basis, it aims to secure an operating profit margin of 10 percent.

President Chang said: “Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic.

“Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘Mobility Solutions Provider’ through advanced technologies of not only hardware but also software.”

Image: Hyundai

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