Hyundai bares plans for accelerated electrification and future mobility goals

Hyundai Motor is not slowing down in its push for electrification. The Korean automaker shared its mid- to long-term business and financial plans based on its “Hyundai Motor Way” strategy, at its hosting of its 2023 CEO Investor Day in Seoul.

Right now, the company plans to boost its annual EV sales goal to 2-million units by 2030, and wants to accelerate its transition toward becoming a smart mobility solution provider by investing KRW 109.4 trillion (~Php 4.65-trillion or USD 84-billion) over the next 10 years.

Of that amount, KRW 35.8 trillion is set to go toward electrification, including KRW 9.5 trillion for battery development, and the remainder funding development of a next-generation modular architecture for EVs and increased EV production capacity.

Among its strategies is to develop Integrated Modular Architecture (IMA) for its next-generation EV-dedicated platform, which will replace the current E-GMP EV platform. The company also wants to expand EV production and optimize capacity, not only building new EV factories but also utilizing existing ICE plants to reduce costs and time.

They also want to strengthen the overall value chain for batteries, including stable procurement of battery materials, design capability, and next-generation batteries. 

As for future businesses, they want to continue working with strategic partners to advance plans for autonomous driving, software, robotics, advanced air mobility, and hydrogen

With this, based on the newly introduced strategy, the Hyundai Motor will build on its heritage and successfully do a faster transition to electrification.

In the Philippines, Hyundai has already introduced two fully electric vehicle models—the Ioniq 5 and Ioniq 6. This makes them the only mainstream brand in the market that offers more than one full EV in the country.