Hyundai Motor Company has introduced its new ‘Hyundai Way’ strategy during the 2024 CEO Investor Day. The strategy outlines the company’s mid- to long-term goals, focusing on electrification, hybrid technology, and energy leadership as the automotive industry transitions towards a sustainable future. Hyundai aims to increase its annual global sales to 5.55 million units by 2030, with 2 million of those being electric vehicles (EVs). The company is also investing in advanced battery technology, autonomous driving, and hydrogen energy to maintain its competitive edge.
Key Highlights:
- Targeting 5.55 million global sales by 2030, a 30% increase from 2023.
- Aiming for 2 million EV sales annually by 2030.
- Introducing new Extended Range Electric Vehicle (EREV) models with a range of over 900 km.
- Expanding the EV lineup to 21 models by 2030, covering affordable, luxury, and high-performance segments.
- Doubling the hybrid lineup from 7 to 14 models, including Genesis luxury hybrids.
- Investing KRW 120.5 trillion by 2033 to support the ‘Hyundai Way’ strategy, including R&D, capital expenditure, and strategic investments.
- Launching a share buyback scheme of up to KRW 4 trillion from 2025 to 2027.
Electrification and Hybrid Expansion
Hyundai is committed to expanding its hybrid vehicle lineup and introducing next-generation hybrid systems to enhance performance and fuel efficiency. By 2030, the company plans to offer a full lineup of 21 EV models, including the introduction of new EREVs in North America and China. These vehicles will serve as a bridge to full electrification, offering consumers a range of over 900 km on a single charge while maintaining cost competitiveness.
Battery Technology and Autonomous Driving
Hyundai is focusing on battery technology innovation, aiming to develop affordable and high-performance batteries, including NCM and LFP batteries. The company is also commercializing an autonomous vehicle foundry business, intending to supply autonomous vehicles to global software firms. These advancements will solidify Hyundai’s position as a leader in autonomous driving technology.
Energy Leadership and Sustainability
Hyundai plans to become a top-tier energy leader during the energy transition, emphasizing the development of a hydrogen ecosystem. The company is expanding its HTWO fuel cell system lineup and integrating hydrogen technology across its value chain. Hyundai’s commitment to a sustainable energy future is evident in its goal to achieve net zero carbon emissions by 2045.
Financial Goals and Shareholder Returns
Hyundai is setting ambitious financial targets, aiming for an operating profit margin of over 10% by 2030. The company will also enhance shareholder returns through a new total shareholder return (TSR) policy, including dividends and a share buyback program.
Hyundai’s ‘Hyundai Way’ strategy reflects its agility and innovation in responding to the evolving market conditions, positioning the company for long-term success in the rapidly changing automotive industry.
Sign up for our popular daily email to catch all the latest EV news!
