Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Hyundai Motor seeks to sell 2 million EVs annually from 2030
Hyundai Motor CEO Chang Jae-hoon speaks during the company's CEO Investor Day in Seoul, Tuesday. Courtesy of Hyundai Motor Group
By Kim Hyun-bin
Carmaker holds CEO Investor Day, unveils medium- to long-term strategies
By Kim Hyun-bin
Hyundai Motor hosted the 2023 CEO Investor Day unveiling visionary medium- to long-term business strategies and financial plans and aiming to reach 2 million in annual electric vehicle (EV) sales by 2030, according to company officials, Tuesday.
The company announced that it will achieve a successful transition to electrification by efficiently leveraging its vehicle production and sales experience. The company has decided to initiate its “Hyundai Motor Way” strategy by securing 109.4 trillion won ($85.3 billion) of investments for the next decade, including 35.8 trillion won for electrification. The company aims to sell 2 million EV vehicles by 2030 and is focusing on future businesses, such as autonomous driving, hydrogen, robotics and advanced air mobility (AAM).
"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," CEO Chang Jae-hoon said. "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."
Chang laid out the Hyundai Motor Way roadmap for success in the electrification era, emphasizing the company's advantages as a legacy carmaker and its proactive pursuit of leadership in EVs.
He explained how the company's second-generation dedicated EV platform, under the new Integrated Modular Architecture (IMA), will replace its Electric-Global Modular Platform (E-GMP) going forward.
The next-generation platform will be used on 13 new dedicated EV models from Hyundai Motor Group's automotive brands Hyundai, Kia and Genesis through 2030. With the IMA, the company expects to standardize modules and parts between the models to further expand economies of scale and significantly reduce EV development complexity and costs.
Hyundai Motor plans to apply a range of batteries, including next-generation NCM batteries and LFP batteries, for the second-generation platform. The company is also exploring different form factors of batteries to enhance versatility. To further extend the driving range, Hyundai Motor intends to implement cutting-edge technology that enables battery charging and discharging while driving, utilizing an independent power bank. In addition, the integration of an AI-based battery management system will ensure real-time monitoring and diagnosis of battery conditions, ensuring enhanced safety by preventing thermal runaway.
These hardware improvements, the modular architectures and next-generation platforms will enable software architecture compatibility in support of Hyundai Motor's software-defined vehicle (SDV) strategy. The company aims to build an app ecosystem through the application of an open operating system and controller integration, including Level 3 and higher autonomous driving capabilities, high-performance semiconductors and over-the-air (OTA) update advancements.