Hyundai Enhances Power Strategy, Targets 7% of Global EV Market by 2030

A Brief Summary

Hyundai Motors has stepped up plans towards achieving sustainable progress in the future. The company has set a roadmap to accelerate its power goals and targets a 7 per cent global EV market by 2030.

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Jaehoon Chang, president and CEO, and other executives put across the plans to shareholders and investors at the '2022 CEO Investor Day' virtual forum.

Hyundai's battery electric vehicle (BEV) is bolstered by strengthening BEV line-ups, optimizing manufacturing capacity, and securing hardware and software competitiveness.

The company, under the plan, aims to increase global BEV sales annually to around 1.87 million and meet a 7 per cent of global market share by 2030.

Hyundai has also presented its mid and long term financial goals. The company has set aside an investment worth 95.5 trillion for future operations by 2030, 19.4 trillion for power and 12 trillion for software capabilities.

By 2030, the company expects to gain a profit margin of 10 per cent or more in the electric vehicle businesses by facilitating competitiveness in hardware and software capabilities.

"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."