Hyundai Motor Company hosted its 2023 CEO Investor Day on June 20 in Seoul, South Korea, unveiling 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 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 $84.9 billion over the next 10 years, including $27.8 billion for electrification over the next decade. 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, including autonomous driving, hydrogen, robotics and advanced air mobility.
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 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 value of cultivating human-centered innovation by further developing technology inherited from the past is the distinct heritage that a company with a rich legacy can provide," said President and CEO Jaehoon Chang. "As it originated from Pony, the IONIQ 5 N---a high-performance EV scheduled for unveiling in July---will embrace and carry forward the enduring heritage of Hyundai Motor Company."
Source: Hyundai Motor Company
Abby Andrews