Hyundai Motor Company unveils forward-thinking business strategies and financial plans at the 2023 CEO Investor Day, focusing on amplified electrification and future mobility solutions.
What’s Happening
Hyundai Motor Company made a major announcement during its ‘2023 CEO Investor Day’ held in Seoul, Korea. The company outlined its aggressive mid- to long-term business strategies and financial objectives as part of the newly introduced ‘Hyundai Motor Way’ strategy.
Why It Matters
With this initiative, Hyundai aims to further solidify its transition towards becoming a global leader in smart mobility solutions. By leveraging its rich heritage and accumulated knowledge from the era of internal combustion engine vehicles, the company is making a decisive leap towards the electrification phase. Hyundai has committed a colossal investment of KRW 109.4 trillion over the next 10 years to expedite its strategic transition, with KRW 35.8 trillion allocated solely for electrification efforts.
Key Points
Hyundai’s strategic vision includes the development of a next-generation modular architecture for EVs to replace the existing E-GMP EV platform. The plan also covers increased EV production capacity and strengthening of the overall battery value chain. Hyundai aims to boost its annual EV sales to reach 2 million units by 2030. Alongside, the company will continue to advance future businesses involving autonomous driving, robotics, hydrogen, and advanced air mobility in cooperation with strategic partners.
Bottom Line
Hyundai Motor’s newly introduced strategy builds on its deep-rooted legacy while aiming to lead the industry’s transformative shift towards electrification and smart mobility. The company’s ambitious plan reflects its commitment to technological evolution and sustainability, shaping the future of mobility. President and CEO Chang voiced the company’s commitment to human-centered innovation and the value of carrying forward Hyundai’s enduring heritage, showcased in their upcoming high-performance EV, the IONIQ 5 N, set for unveiling in July.
