Hyundai Motor shares mid- to long-term business and financial plans based on ‘Hyundai Motor Way’ strategy
Hyundai Motor to boost its annual EV sales goal to 2 million units by 2030
Company to accelerate its transition toward becoming a smart mobility solution provider by investing KRW 109.4 trillion over the next 10 years
— KRW 35.8 trillion to go toward electrification, including KRW 9.5 trillion for battery development and the remainder funding development of a next-generation modular architecture for EVs and increased EV production capacity Hyundai Motor outlines a blueprint for its strategy:
— Integrated Modular Architecture (IMA): to develop IMA for its next-generation EV-dedicated platform, which will replace the current E-GMP EV platform
— EV production: to expand EV production and optimize capacity, not only building new EV factories but also utilizing existing ICE plants to reduce costs and time
— Battery: to strengthen the overall value chain for battery, including stable procurement of battery materials, design capability, and next-generation batteries
— Future businesses: to continue working with strategic partners to advance plans for autonomous driving, software, robotics, advanced air mobility and hydrogen
Based on the newly introduced strategy, the company will build on its heritage and successfully transition to electrification
SEOUL, South Korea, June 20, 2023 /PRNewswire/ — Hyundai Motor Company hosted ‘2023 CEO Investor Day’ in Seoul today, unveiling its visionary mid- to long-term business strategies and financial plans. With the aim of actively leveraging its knowledge and heritage of innovation from internal combustion engine vehicles, the company is committed to a successful transition to the electrification era through its newly introduced strategy, ‘Hyundai Motor Way.’
The company will implement this strategy and accelerate its transition toward becoming a smart mobility solution provider by securing a large-scale investment of KRW 109.4 trillion over the next 10 years, including KRW 35.8 trillion for electrification over the next decade. The company aims for 2 million units in annual EV sales by 2030.
The key parts of the strategy include introducing a next-generation modular architecture for EVs, strengthening EV production capacity, battery development capabilities and future businesses, including autonomous driving, hydrogen, robotics and advanced air mobility.
Hyundai Motor is leveraging its heritage of innovation and knowledge accumulated over a long period of time as a traditional vehicle manufacturer amidst seismic change in the industry with competition intensifying in a bid for leadership in the electric vehicle market. The company announced that it will achieve a successful transition to electrification by efficiently and effectively leveraging its long experience in vehicle production and sales.
“The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide,” said President and CEO Chang. “As it originated from Pony, the IONIQ 5 N—a high-performance EV scheduled for unveiling in July—will embrace and carry forward the enduring heritage of Hyundai Motor Company.”
(left to right) Taesik Yun (Head of IR Team), Zayong Koo (Senior Vice president and Head of IR Group), Gang Hyun Seo (Executive Vice President and Head of Finance & Accounting Division), Jaehoon Chang (President and CEO), Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office, and Chang Hwan Kim (Senior Vice President and Head of the Battery Development Center)