Hyundai Motor Company revealed its ambitious ‘Hyundai Way’ strategy during the 2024 CEO Investor Day, outlining a comprehensive plan that includes its electric vehicles (EVs) to navigate the automotive landscape, focusing on electrification, hybrid technology, and energy leadership.

According to Hyundai, the company aims to increase its annual global sales to 5.55 million units by 2030, representing a 30% growth from 2023. Of this total, the company targets 2 million electric vehicle (EV) sales annually. To achieve these goals, Hyundai plans to boost its global production capacity by an additional one million vehicles.

The ‘Hyundai Way’ strategy includes a significant expansion of both electric and hybrid vehicle offerings:

Moreover, Hyundai’s new Metaplant America (HMGMA) in Georgia, set to start operations by the end of 2024, will play a crucial role in the company’s growth plans. The plant will produce the updated IONIQ 5 and Hyundai’s first three-row electric SUV, the IONIQ 9

Furthermore, Hyundai has developed an innovative Extended-Range Electrified Vehicle (EREV) system that incorporates a combustion engine designed to generate electricity, which powers the battery. This system also introduces a new power mechanism that enables four-wheel drive through the use of two motors. 

With an expected range of over 900 km (550 miles), this EREV system offers a significant advancement in electric vehicle technology. Additionally, the pricing is anticipated to be comparable to that of plug-in hybrids. Mass production of this new system is set to begin in North America and China in late 2026.

To support the ‘Hyundai Way’ strategy, Hyundai plans to invest KRW 120.5 trillion (around $90 billion) by 2033 and aims to achieve an operating profit margin of over 10% by 2030. In addition, the company will initiate a share buyback scheme amounting to up to KRW 4 trillion ($2.9 billion) between 2025 and 2027. 

Hyundai has also stated that it plans to reach net zero carbon emissions by 2045, developing affordable and high-performance batteries, including NCM and LFP technologies, and commercializing an autonomous vehicle foundry business. 

Hyundai Motor Company, including Kia and Genesis, has already made significant strides in the EV market, becoming the second best-selling EV brand in the U.S. in Q2 with a 10% market share. The ‘Hyundai Way’ strategy aims to build on this success while adapting to market uncertainties.

“Under the Hyundai Way, we will respond to the market with agility,” stated Jaehoon Chang, President and CEO of Hyundai Motor Company. “This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centered on mobility and energy.”

As Hyundai’s balanced approach to electrification and sustainable energy solutions is affirmed to the EV industry, the company is setting its position as a forward-thinking leader in the global EV market while accelerating electric mobility. 

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