Hyundai Motor Company announced today the introduction of its strategic roadmap, earmarking more than $16 billion in electrification-focused investments and unveiling a new target to capture 7% of the global EV market by 2030.
Hyundai outlined the key focus areas for its Battery Electric Vehicle (BEV) roadmap, including strengthening BEV line-ups, optimizing manufacturing capacity, and securing hardware and software competitiveness. The company aims to invest 95.5 trillion KRW (USD$79 billion) through 2030 on its future businesses, including $16 billion earmarked for electrification investments and $10 billion for software capabilities.
By 2030, the company is aiming to achieve an operating profit margin of 10% or higher in EV businesses and to introduce 17 new BEV models – 11 for Hyundai models and 6 for its Genesis luxury brand.
Hyundai’s new targets come as major automakers are rapidly increasing investment into the global electric vehicle segment. In June 2021, GM committed to invest $35 billion in its EV and AV businesses through 2025, followed by Ford’s announcement in September 2021 with plans to invest billions in new EV and battery plants. Yesterday, Stellantis also announced a new strategic plan to ramp up the electrification of its fleet, including a goal to reach 5 million annual BEV sales by 2030.
Jaehoon Chang, President, and CEO, Hyundai Motor Company, said:
“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. 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.”