Hyundai Motor is targeting 5.55 million annual global sales by 2030, up 30% from 2023. It is also aiming to sell 2 million EVs per year globally by 2030.
The company also plans 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.
Overall, it is aiming to offer a full lineup of 21 EV models by 2030, ranging from affordable to luxury and high-performance.
The company also plans to expand hybrid electric vehicle (HEV) offerings to 14 models from the current seven; Genesis luxury brand will also offer hybrid models.
The company also plans to commercialise its autonomous driving vehicle foundry business; it will supply autonomous vehicles to global autonomous driving software firms.
Hyundai Motor Company hosted its 2024 CEO Investor Day to unveil its new mid- to long-term strategy - the ‘Hyundai Way’.
“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 realising a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition.”
Hyundai Motor to launch Autonomous Vehicle foundry business
Hyundai Motor plans to launch a foundry business that will sell autonomous vehicles to global autonomous driving software technology companies. This new venture will leverage the company’s hardware development capabilities and manufacturing competitiveness, building on its experience in developing autonomous vehicles through collaboration with Motional and expanding cooperation with global autonomous driving leaders.
Through these partnerships, Hyundai Motor aims to bolster its autonomous vehicle development and manufacturing capabilities to the highest global standards. It plans to develop a platform for essential common areas for implementing Level 4 or higher autonomous driving and intends to supply this autonomous vehicle platform to global autonomous driving software development companies.
Ultimately, Hyundai Motor will continue to promote the expansion of the foundry business using the secured autonomous vehicle platform, continuously enhancing its autonomous driving capabilities and securing profits. The company will expand its global presence centred on Motional’s autonomous driving technology.
By operating in the North American region using the second-generation robotaxi platform based on IONIQ 5, Hyundai Motor says it will strengthen its business operation experience and technological capabilities. This will enable the company to develop the third-generation robotaxi platform and the optimal vehicle model and expand the robotaxi service area to the global market.
Hyundai Motor is also establishing a sustainable R&D environment and diversifying revenue models such as sales, delivery, and advertising of Level 3 solutions based on leading autonomous driving Level 4 technical capabilities. This will allow the company to flexibly respond to changes in the autonomous driving market environment.
Safety is a top priority in Hyundai Motor’s development of autonomous driving technology. The company is establishing a system that collects autonomous driving data and continuously trains the AI model simultaneously. As the volume of data increases, Hyundai Motor will be able to implement safer and superior autonomous driving technology. A key element in the development of safe autonomous driving technology is the creation of a computing system that can safely control autonomous vehicles in any situation. To this end, Hyundai Motor is developing autonomous driving computing hardware that ensures stability and reliability, including functional safety and redundancy.
The company is concentrating on developing an end-to-end deep learning model that performs perception, judgment, and control all at once. This model is planned to be expanded and applied as a scalable global solution from Level 2+ to Level 4. Hyundai Motor is also continuously strengthening its internal capabilities for the internalization of the development of key elements of autonomous driving, striving to provide a safer and better customer experience for both drivers and pedestrians.
Hyundai Motor has been integrating all the technologies that go into cars, from autonomous driving to smart factories, into a single software platform to accelerate vehicle software innovation. The company is continuously enhancing SDVs step by step and is continuously improving vehicle quality and marketability by equipping vehicles with controller OTA functions.
