Hyundai Motor Unveils New 'Hyundai Way' Strategy and Outlines Mid- to Long-Term Goals at 2024 CEO Investor Day
- Hyundai Motor details a flexible response approach to market conditions and focus on electrification through its 'Hyundai Way' strategy
… Targeting 5.55 million annual global sales by 2030, up 30% from 2023
… Aiming to sell 2 million EVs per year globally by 2030
… Plan to introduce new EREV models, a new type of EV with a range of more than 900 km on a single charge, in North America and China
… Aiming to offer a full lineup of 21 EV models by 2030, ranging from affordable to luxury and high-performance
- Introducing enhanced next-generation hybrid system with improved performance and fuel efficiency
… Plans to expand HEV offerings to 14 models from the current seven; Genesis luxury brand will also offer hybrid models
- Continuously pushing for battery technology internalization; develop affordable NCM batteries and strengthen safety technology
- Plans to commercialize autonomous driving vehicle foundry business; to supply autonomous vehicles to global autonomous driving software firms
- Aiming to secure top-tier energy leadership during the energy transition period by strengthening Group-wide hydrogen technology capabilities across the value chain
- Plan to make a significant investment of KRW 120.5 trillion through 2033 to support the 'Hyundai Way' strategy
- Employ new target shareholder return (TSR) of over 35% and rollout of a share buyback scheme of up to KRW 4 trillion from 2025 to 2027
SEOUL, South Korea, Aug. 28, 2024 /CNW/ -- Hyundai Motor Company hosted its 2024 CEO Investor Day today, unveiling its new mid- to long-term strategy, the 'Hyundai Way'.
At the event, the company disclosed its commitment to enhancing its electric vehicle (EV) and hybrid competitiveness, advancing its battery and autonomous vehicle technologies, and expanding its vision as an energy mobilizer, responding to the market environment flexibly with its dynamic capabilities.
"Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai's unique flexible response system. This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centered on mobility and energy," said Jaehoon Chang, President and CEO of Hyundai Motor Company. "Hyundai will strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realizing a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition."
In 2024, Hyundai Motor secured its profitability and EV competitiveness in the market. These achievements were recognized by global rating agencies as the company earned an 'A-grade' credit rating from major global credit rating agencies. Moreover, with a global sales annual volume of 4.21 million units in 2023, Hyundai Motor helped Hyundai Motor Group to become one of the top three automakers globally.
'Hyundai Way' Detailed Strategies & Targets
'Hyundai Way' Detailed Strategies |
Sales & Financial Targets |
○ Hyundai Dynamic Capabilities ‒ Expand hybrid lineup from 7 to 14 models (incl Genesis) ‒ New EREV to serve as key bridge to full electrification ‒ Full EV lineup of 21 models by 2030 ‒ Develop new affordable NCM battery & safety tech
○ Mobility Game Changer ‒ Autonomous vehicle foundry business ‒ Next-generation infotainment system & open ecosystem ‒ Reveal SDV Pace Car equipped with High-Performance
○ Energy Mobilizer ‒ Expand the HTWO fuel cell system lineup ‒ Clean logistics business starting with HMGMA
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○ Global Sales Targets ‒ 5.55 million units by 2030 ‒ 2 million EV sales by 2030
○ Mid-to long-term Investment Plans ‒ Total: KRW 120.5 trillion (2024 ~ 2033) ▲ R&D KRW 54.5 trillion ▲ CAPEX KRW 51.6 trillion ▲ Strategic Investment KRW 14.4 trillion
○ Profitability Target ‒ 2030 OP margin over 10% (consolidated basis)
○ Expanding Shareholder Return Policy ‒ 2024 annual dividend: min. KRW 10,000 ‒ 2025 – 2027 New total shareholder return (TSR) concept: 35%+ Target annual average ROE 11 ~ 12% Quarterly dividend of KRW 2,500
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More information about Hyundai Motor and its products can be found at: https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai
SOURCE Hyundai Motor Company
Seoyong Choi, [email protected]
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