Hyundai Motor Company recently presented its long-term strategic plan, known as the ‘Hyundai Way,’ at the 2024 CEO Investor Day. This strategy focuses on adapting to market conditions through advancements in electrification, battery technology, and expanding its energy and mobility operations.
The Hyundai Way outlines the company’s goal to achieve 5.55 million global sales annually by 2030. A major component of this plan is the push toward electric vehicles (EVs), with a target of selling 2 million EVs per year by 2030. To support this target, Hyundai plans to introduce 21 new EV models, covering a range of affordable to luxury options, and will also expand its hybrid offerings.
In the realm of battery technology, Hyundai aims to internalize battery production to improve cost efficiency and safety. The company is focused on developing affordable nickel-cobalt-manganese (NCM) batteries and is exploring next-generation technologies such as solid-state batteries. Hyundai seeks to increase battery energy density by over 20% by 2030, offering a wider range of battery solutions.
Hyundai is also introducing a new type of EV called the Extended Range Electric Vehicle (EREV), which will offer a range of over 900 km on a single charge. Production of the EREV is scheduled to start in North America and China by 2026, with sales commencing in 2027.
The strategy includes a strong emphasis on autonomous driving technology. Hyundai plans to commercialize its autonomous vehicle production and supply vehicles to global autonomous driving software firms. The company intends to be a leader in this field by leveraging partnerships with technology companies and its own expertise.
Additionally, Hyundai is investing in hydrogen technology, aiming to enhance its hydrogen value chain and integrate hydrogen into its energy strategy. The company targets net-zero emissions by 2045.
Hyundai Motor has announced a substantial investment plan of KRW 120.5 trillion through 2033, focusing on research and development, capital expenditures, and strategic initiatives to remain competitive. The company also introduced a new Total Shareholder Return (TSR) policy, targeting over 35% return. This includes a share buyback scheme of up to KRW 4 trillion between 2025 and 2027 and a minimum annual dividend of KRW 10,000.
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