Hyundai unveils ambitious ‘Hyundai Way’ strategy at CEO day

Hyundai Motor Company has announced its new mid- to long-term strategic roadmap, dubbed the ‘Hyundai Way,’ at its 2024 CEO Investor Day. The strategy outlines Hyundai’s flexible approach to market conditions and a strong focus on electrification, with ambitious goals aimed at securing a leading position in the global automotive industry by 2030.

During the event, Hyundai detailed its target to achieve 5.55 million annual global sales by 2030, representing a 30% increase from 2023. The company also set a goal to sell 2 million electric vehicles (EVs) per year globally by the same year, as part of its broader plan to offer a full lineup of 21 EV models ranging from affordable to luxury and high-performance.

A key component of the ‘Hyundai Way’ is the introduction of new extended range electric vehicles (EREVs), which will offer more than 900 kilometres on a single charge, particularly targeting markets in North America and China. Additionally, Hyundai plans to expand its hybrid electric vehicle (HEV) offerings from seven to 14 models, including new hybrid models under the Genesis luxury brand.

Hyundai’s strategy also includes significant advancements in battery technology and autonomous vehicle development. The company aims to internalise battery production, developing affordable NCM batteries while enhancing safety technologies. Moreover, Hyundai plans to commercialise its autonomous driving vehicle foundry business by supplying autonomous vehicles to global software firms.

To support these ambitious goals, Hyundai will invest KRW120.5 trillion (USD9 billion) by 2033, with funds allocated to research and development, capital expenditures, and strategic investments. This investment is expected to bolster Hyundai’s competitiveness in the rapidly evolving mobility and energy sectors.

“Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system. This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centred on mobility and energy,” said Jaehoon Chang, president and CEO of Hyundai Motor Company.

“Hyundai will strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realising a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition.”