Hyundai Motor accelerates electrification strategy, targeting 7% of global EV market by 2030

Hyundai Motor Company 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.