Hyundai Motor Unveils ‘Hyundai Way’ Strategy at 2024 CEO Investor Day
On August 28, 2024, Hyundai Motor Company introduced its new strategic plan, the ‘Hyundai Way,’ at the 2024 CEO Investor Day in Seoul. This comprehensive strategy outlines Hyundai’s mid- to long-term goals, emphasizing flexibility, electrification, and innovation in response to evolving market conditions.
Key Highlights of the ‘Hyundai Way’ Strategy:
- Electrification and Hybrid Expansion
- Hyundai aims to achieve annual global sales of 5.55 million vehicles by 2030, a 30% increase from 2023.
- The company targets 2 million electric vehicle (EV) sales per year globally by 2030 and plans to introduce 21 EV models, ranging from affordable options to luxury and high-performance vehicles.
- New Extended Range Electric Vehicle (EREV) models will be launched in North America and China, offering a driving range of over 900 km on a single charge.
- Hyundai plans to expand its hybrid vehicle lineup from 7 to 14 models, including offerings from its luxury brand, Genesis, and introduce a next-generation hybrid system with enhanced performance and fuel efficiency.
- Advanced Battery and Autonomous Vehicle Technologies
- Hyundai is committed to advancing its battery technology, focusing on developing affordable nickel-cobalt-manganese (NCM) batteries and enhancing safety features.
- The company plans to commercialize its autonomous vehicle foundry business, supplying vehicles to global autonomous driving software firms.
- By investing in hydrogen technology, Hyundai aims to strengthen its position as a top-tier energy leader during the global energy transition.
- Investment and Financial Goals
- Hyundai plans to invest KRW 120.5 trillion through 2033 to support the ‘Hyundai Way’ strategy, focusing on research and development, capital expenditures, and strategic investments.
- The company is introducing a new target shareholder return (TSR) of over 35% and will launch a share buyback scheme of up to KRW 4 trillion from 2025 to 2027.
- Commitment to Sustainability and Innovation
- Hyundai is dedicated to securing sustainable leadership in an uncertain market environment by leveraging its dynamic capabilities and unique flexible response system.
- The company will continue to expand beyond vehicle manufacturing, focusing on mobility and energy solutions, including advancing its role in the hydrogen economy.
Message from Hyundai’s Leadership
“Under the Hyundai Way, we are committed to responding to market changes with agility and securing a sustainable future centered on mobility and energy,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “We are not just focusing on vehicle manufacturing; we are transforming into a comprehensive mobility provider and energy innovator, aiming to lead the way in the era of electrification and energy transition.”
Looking Forward
Hyundai Motor’s 2024 CEO Investor Day marked a significant step in the company’s journey towards a more sustainable and innovative future. With a strong focus on electrification, advanced technologies, and flexible market strategies, Hyundai is poised to redefine the automotive industry and maintain its position as a global leader.