Hyundai Motor Accelerates Electrification Strategy, Targeting 7% of Global EV Market by 2030
Hyundai Motor Company unveiled its electrification roadmap at the 2022 CEO Investor Day. The company aims to sell 1.87 million battery electric vehicles (BEVs) annually by 2030, introducing 17 new models, including 11 Hyundai and 6 Genesis vehicles. Hyundai plans to invest KRW 95.5 trillion in future businesses, with KRW 19.4 trillion allocated for electrification and KRW 12 trillion for software capabilities. The target is a 10% operating profit margin in EV businesses, seeking a 7% global market share by 2030.
- Targeting to sell 1.87 million BEVs annually by 2030.
- Plans to introduce 17 new BEV models, enhancing product line-up.
- KRW 95.5 trillion investment earmarked for future businesses by 2030.
- Goal of achieving a 10% operating profit margin in EV businesses.
- Global chip shortage impacting business environment.
- Ongoing pandemic challenges affecting overall operations.
- Hyundai Motor CEO Jaehoon Chang unveiled the company's electrification roadmap and strategies at the 2022 CEO Investor Day forum today
- Hyundai targets to sell 1.87 million BEVs annually by 2030 by strengthening line-up ⋯ To introduce 17 new BEV models by 2030; 11 for Hyundai models and six for Genesis luxury brand
- To strengthen competitiveness in BEVs through hardware and software capabilities
⋯ To introduce an Integrated Modular Architecture (IMA) in 2025
SEOUL, South Korea, March 2, 2022 /PRNewswire/ -- Hyundai Motor Company today unveiled a strategic roadmap to accelerate its electrification ambition as it pursues sustainable progress for the company.
President and CEO Jaehoon Chang and other executives presented the plans to shareholders and investors, and other various stakeholders at the '2022 CEO Investor Day' virtual forum.
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 percent level of global market share by 2030
Hyundai 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 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.
"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," said President Chang. "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."
More information about Hyundai Motor and its products can be found at:
http://worldwide.hyundai.com or http://globalpr.hyundai.com
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SOURCE Hyundai Motor Company
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