The Market Monitor Minding the Nation's Business
Hyundai Motor Company hosted its “2023 CEO Investor Day” in Seoul and unveiled its visionary mid- to long-term business strategies and financial plans with the aim of actively leveraging its knowledge and heritage of innovation from internal combustion engine (ICE) vehicles. The company is committed to a successful transition to the electrification era through its newly introduced strategy, ‘Hyundai Motor Way.’
The company will implement this strategy and accelerate its transition toward becoming a smart mobility solution provider by securing a large-scale investment of KRW 109.4 trillion over the next 10 years.
In order to secure leadership in the future mobility industry, it has decided to focus on future businesses, such as autonomous driving, hydrogen, robotics and advanced air mobility (AAM).
Jaehoon Chang, president and CEO, Gang Hyun Seo, Executive Vice President, CFO and Head of Finance & Accounting Division, Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO), and Chang Hwan Kim, Senior Vice President and Head of the Battery Development Center, as well as other executives presented the roadmap to shareholders, investors and other stakeholders.
Hyundai Motor is leveraging its heritage of innovation and knowledge accumulated over a long period of time as a traditional vehicle manufacturer amidst seismic change in the industry with competition intensifying in a bid for leadership in the electric vehicle (EV) market. The company announced that it will achieve a successful transition to electrification by efficiently and effectively leveraging its long experience in vehicle production and sales.
The company has decided to initiate its “Hyundai Motor Way” strategy by securing KRW 109.4 trillion for its next decade investment, including KRW 35.8 trillion for electrification. The company aims for 2 million units in annual EV sales by 2030. The key parts of the strategy include introducing a next-generation modular architecture for EVs, strengthening EV production capacity, battery development capabilities and future businesses.