Hyundai Motor aims to sell 2 million electric vehicles (EVs) annually by 2030, as part of its strategy to become a leading smart mobility solution provider. The company shared its visionary business and financial plans during the ‘2023 CEO Investor Day’ held in Seoul. To achieve this goal, Hyundai Motor will invest KRW 109.4 trillion over the next 10 years, with KRW 35.8 trillion dedicated to electrification, including battery development and the creation of a next-generation modular architecture for EVs.
Key elements of the strategy include:
- Integrated Modular Architecture (IMA): Hyundai Motor will develop a new EV-dedicated platform called IMA, which will replace the existing E-GMP EV platform.
- Expansion of EV Production: The company plans to increase EV production capacity, not only by establishing new EV factories but also by utilizing existing internal combustion engine (ICE) plants to reduce costs and save time.
- Battery Development: Hyundai Motor aims to strengthen the battery value chain by ensuring stable procurement of battery materials, enhancing design capabilities, and advancing next-generation batteries.
- Future Businesses: The company will collaborate with strategic partners to advance plans in areas such as autonomous driving, software, robotics, advanced air mobility, and hydrogen.
With the ‘Hyundai Motor Way’ strategy, the company intends to leverage its experience and innovation in internal combustion engine vehicles to successfully transition to the era of electrification. President and CEO Jaehoon Chang emphasized the value of human-centered innovation and the company’s commitment to carrying forward its rich legacy as it embraces new technologies. The upcoming IONIQ 5 N, a high-performance EV set to be unveiled in July, represents Hyundai Motor’s dedication to preserving its enduring heritage while driving progress in the industry.
