Hyundai’s Bold Vision: Leading the Future of Mobility and Energy
By Jo-Carolyn Goode
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August 28, 2024 (Houston Style Magazine) — Hyundai’s Bold Vision: Leading the Future of Mobility and Energy Jo-Carolyn Goode | 8/28/2024, 2:14 p.m. Hyundai Motor Company is setting a powerful new course for its future, unveiling an ambitious “Hyundai Way” strategy at the … Hyundai Motor Company is setting a powerful new course for its future, unveiling an ambitious “Hyundai Way” strategy at the 2024 CEO Investor Day. This bold plan aims to transform Hyundai into a global leader in mobility and energy, targeting significant growth in electric vehicle (EV) sales, hybrid technology, and hydrogen energy capabilities. By 2030, Hyundai is determined to reach 5.55 million annual global sales—a remarkable 30% increase from 2023—with a strong emphasis on electrification.
The cornerstone of Hyundai’s strategy is its electrification push, where the company plans to sell 2 million EVs globally each year by 2030. Central to this effort is the introduction of new Extended Range Electric Vehicle (EREV) models, capable of achieving over 900 km on a single charge, in key markets such as North America and China. With a full lineup of 21 EV models ranging from affordable options to luxury and high-performance vehicles, Hyundai is positioning itself as a leader in the electric vehicle market.
Hyundai isn’t stopping there. The company is also enhancing its next-generation hybrid system, improving both performance and fuel efficiency, and plans to expand its hybrid electric vehicle (HEV) offerings to 14 models. Even the Genesis luxury brand will join this hybrid revolution, further solidifying Hyundai’s commitment to providing diverse and eco-friendly vehicle options. A significant part of Hyundai’s strategy is the internalization of battery technology, focusing on developing affordable nickel-cobalt-manganese (NCM) batteries and strengthening safety measures. This move not only secures Hyundai’s competitive edge but also ensures the sustainability of its electrification efforts.
Moreover, Hyundai is poised to commercialize its autonomous driving vehicle foundry business, supplying autonomous vehicles to global software firms specializing in self-driving technology. This step is part of Hyundai’s broader vision to be a game-changer in various forms of mobility, not just in traditional vehicle manufacturing.
Hyundai’s leadership in the energy transition is also a key priority. The company plans to strengthen its hydrogen technology capabilities across the value chain, aiming to secure top-tier energy leadership during this pivotal period.
To support this extensive strategy, Hyundai is making a significant investment of KRW 120.5 trillion through 2033. This investment will back the “Hyundai Way” strategy, ensuring the company remains agile and resilient in an unpredictable market environment. Additionally, Hyundai has introduced a new target shareholder return (TSR) of over 35% and plans to roll out a share buyback scheme of up to KRW 4 trillion from 2025 to 2027, reinforcing its commitment to delivering value to its investors.
“Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system,” 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’s achievements have already been recognized globally, securing an ‘A-grade’ credit rating from major global agencies. With a global sales volume of 4.21 million units in 2023, Hyundai Motor Group is now one of the top three automakers in the world—a testament to the company’s relentless pursuit of excellence and innovation.
Hyundai’s “Hyundai Way” strategy is more than just a roadmap; it’s a bold vision for the future of mobility and energy. As the company continues to evolve and adapt to the changing market, it’s clear that Hyundai is not just keeping pace with the industry but leading it into a new era of sustainable and innovative transportation.
Hyundai Motors Drives the Future: Expanding Hybrid Lineup and Pioneering Next-Generation Technologies
Hyundai Motors is once again revolutionizing the automotive industry with its ambitious expansion of hybrid and electric vehicle offerings. Known for its trailblazing TMED hybrid system, Hyundai is taking bold steps under its innovative Hyundai Dynamic Capabilities strategy. This strategy is designed to ensure the company remains at the cutting edge of the market, responding flexibly to evolving consumer demands while leveraging its core capabilities.
Expanding the Hybrid Horizon
Hyundai is set to double its current hybrid lineup from seven to an impressive fourteen models, covering everything from compact cars to luxury vehicles. The luxury Genesis brand will also be getting the hybrid treatment, ensuring that the company’s eco-friendly technology reaches even the most discerning customers. This move is part of Hyundai’s broader goal to not just participate but lead in the hybrid market, offering high-performance, fuel-efficient vehicles that cater to a wide range of consumers.
The introduction of the next-generation TMED-II system represents a significant leap forward. This advanced hybrid system, set to debut in production vehicles in January 2025, boasts world-class performance and fuel efficiency improvements. Future hybrid models will come equipped with premium features like smart regenerative braking and Vehicle-to-Load (V2L) technology, ensuring Hyundai’s offerings remain top-tier in both quality and innovation.
Accelerating Hybrid and EV Sales
Hyundai’s ambitions don’t stop at expanding its model range. The company is targeting a substantial increase in hybrid sales, aiming to hit 1.33 million units by 2028—a 40% jump from previous global sales plans. This growth is expected to be driven largely by North America, where Hyundai plans to sell 690,000 hybrid vehicles by 2030, along with strategic expansions in Korea and Europe. To meet these ambitious goals, Hyundai is investing in its global manufacturing capabilities, including plans to produce hybrid vehicles at its state-of-the-art Hyundai Motor Group Metaplant America (HMGMA) in Georgia.
Bridging the Gap with the New EREV
As the EV market experiences a temporary slowdown, Hyundai is unveiling its new Extended Range Electric Vehicle (EREV), blending the best of internal combustion engines (ICE) and EV technology. The EREV offers an EV-like driving experience, but with the added reliability of an engine that serves solely to charge the battery, resulting in an impressive driving range of over 900 km. Hyundai aims to begin mass production of this game-changing vehicle in North America and China by 2026, with sales starting in 2027.
Building the Future of Electric Vehicles
Hyundai is not just expanding its hybrid and EREV offerings; it’s laying the groundwork for a full-scale EV lineup. By 2030, Hyundai plans to introduce 21 new electric models, ranging from affordable options to luxury and high-performance vehicles. The company’s IONIQ brand has already made waves in the EV market, and with the Genesis luxury line joining the fray, Hyundai is poised to dominate the high-end EV sector as well.
Leading the Charge in Battery Technology
At the heart of Hyundai’s EV strategy is a commitment to battery technology. The company is investing heavily in developing next-generation batteries, including solid-state options, with plans to enhance battery performance by over 20% by 2030. Hyundai’s new battery systems, including the innovative cell-to-vehicle (CTV) structure, are designed to improve integration, reduce weight, and enhance safety, ensuring that Hyundai’s EVs are not only efficient but also among the safest on the road.
A Software-Defined Future
Hyundai is also embracing the future of mobility with its shift towards Software-Defined Vehicles (SDVs). By incorporating advanced software and AI into vehicle development, Hyundai is transforming the driving experience, offering vehicles that are more connected, intelligent, and adaptable than ever before.
Global Expansion and Innovation
To achieve its ambitious sales and production targets, Hyundai is expanding its global footprint. The company is opening new production facilities, including a dedicated EV factory in Ulsan and a newly acquired plant in Pune, India, aimed at producing 1 million units. Hyundai is also optimizing its existing factories and leveraging smart manufacturing technologies, like those at the Hyundai Motor Group Innovation Center Singapore (HMGICS), to ensure it remains at the forefront of automotive innovation.
Conclusion: Hyundai’s Bold Vision for the Future
Hyundai Motors is not just keeping pace with the fast-evolving automotive industry; it’s leading the charge. With its expanded hybrid lineup, groundbreaking new EREV, and ambitious plans for a comprehensive EV range, Hyundai is setting new standards in innovation, efficiency, and sustainability. As the company continues to invest in cutting-edge battery technology and software-driven vehicles, it’s clear that Hyundai is not just preparing for the future—it’s
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