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Hyundai unveils electrification strategy

JAEHOON Chang, president and CEO of Hyundai Motor Company, discusses the brand's new strategy, calls the `Hyundai Motor Way,' during the brand's CEO Investor Day event. | Photograph courtesy of HMPH

In the company’s move towards the future of mobility, Hyundai Motor Company has revealed its comprehensive middle to long-term business strategies and financial plans at the 2023 CEO Investor Day held in Seoul.

The company’s newly introduced strategy, “Hyundai Motor Way,” sets the course for accelerated electrification and future mobility goals.

The “Hyundai Motor Way” strategy is a robust plan that aims to boost Hyundai’s annual EV sales to 2 million units by 2030. The company is committed to investing $82 trillion over the next decade, with $26 trillion earmarked for electrification, including $7.1 trillion for battery development.

The strategy outlines Hyundai’s blueprint for the future, focusing on several key areas:

  1. Integrated Modular Architecture (IMA): Hyundai plans to develop IMA for its next-generation EV-dedicated platform, replacing the current E-GMP EV platform.
  2. EV Production: The company aims to expand EV production and optimize capacity by building new EV factories and utilizing existing ICE plants to reduce costs and time.
  3. Battery Development: Hyundai will strengthen the overall value chain for batteries, including stable procurement of battery materials, design capability, and next-generation batteries.
  4. Future Businesses: The company will continue working with strategic partners to advance plans for autonomous driving, software, robotics, advanced air mobility and hydrogen.

“The value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide,” said president and CEO Chang.

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