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Hyundai Motor targets seven per cent of global EV market by 2030

March 2, 2022   Maryam Farag

Hyundai Motor Company unveiled a roadmap to accelerate its electrification ambition as it pursues sustainable progress for the company.

The roadmap for Hyundai’s battery electric vehicle (BEV) is supported by: strengthening BEV line-ups, optimizing manufacturing capacity, and securing hardware and software competitiveness. Under the plan, the company aims to boost annual global BEV sales to 1.87 million units, and secure a seven per cent level of global market share by 2030.

“Hyundai is successfully accelerating its transition to electrification and becoming a global leader in EVs despite a challenging business environment caused by the global chip shortage and ongoing pandemic,” said Jaehoon Chang, President and CEO, Hyundai Motor Company. “Along with our seamless efforts to improve EV value, Hyundai Motor will continue to secure its business sustainability as a ‘Mobility Solutions Provider’ through advanced technologies of not only hardware but also software.”

Hyundai presented its mid-to long-term financial goals. The company earmarked KRW 95.5 trillion of investment for future businesses by 2030, including KRW 19.4 trillion for electrification and KRW 12 trillion for software capabilities.

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By 2030, Hyundai targets to achieve an operating profit margin of 10 percent or higher in EV businesses by enhancing competitiveness in hardware and software capabilities with an expanded line-up. On a consolidated basis, it aims to secure an operating profit margin of 10 per cent.