Hyundai Motor Company has unveiled its strategy to accelerate the company’s electrification ambitions. The roadmap for Hyundai’s battery electric vehicle (BEV) is supported by strengthening BEV line-ups, optimizing 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% level of global market share by 2030.
The company is earmarking 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 targets to achieve an operating profit margin of 10% 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%.
“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,” states Jaehoon Chang, president and CEO. “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.”
Chang and other executives presented the plans to shareholders and investors, and other various stakeholders at the ‘2022 CEO Investor Day’ virtual forum.
