‘Hyundai Motor Way’ Sets Course for Accelerated Electrification and Future Mobility Goals at 2023 CEO Investor Day
As we course towards the automotive industry of tomorrow, one thing is clear: traditional car manufacturers aren’t interested in diminishing their dominance. Due to the myriad regulations regarding the sector, progress can often feel muted. Hyundai however, aren’t interested in resting on their laurels. At its annual CEO Investor Day, the car company’s roadmap and future mobility goals have been charted.
Future mobility goals
As reported by PR Newswire, Hyundai Motor Company has shared its mid-to-long-term business and financial plans, presented as the Hyundai Motor Way strategy. The Korean motor manufacturer vies to boost its annual EV (electronic vehicle) sales goal to 2 million units by 2030, and accelerate its transition towards becoming a mobility solution provider by investing upwards of KRW (Korean Won) 109.4 trillion (that’s approximately £6.5 million) over the next decade.
Of that sum, KRW 35.8 trillion will be dedicated to electrification, including a third of that sum, towards better battery development. The remainder of Hyundai’s bid will factor in the development of next-generation modular architecture for electronic vehicles, and increased EV production capacity.
Fully integrated
Hyundai has outlined its lofty plans, and they include developing ITA (integrated modular architecture) for its electronic vehicle platform. It will eventually replace the company’s current E-GMP EV platform, the Electric Global Modular Platform, its current channel for switching lanes away from traditional petrol and diesel solutions.
What’s more, EV production isn’t showing any signs of slowing down at Hyundai – far from it. It’s planning to expand its EV production and optimise capacity, building new factories for such future vehicles and using ICE plants (traditional “internal combustion engine” facilities) to reduce every step of the process, including both cost and time.
“Future businesses: to continue working with strategic partners to advance plans for autonomous driving, software, robotics, advanced air mobility and hydrogen.”
– Hyundai’s press release
Charging ahead
The company also aims to strengthen the overall value chain for battery technology, including the “stable procurement” of requisite materials, design capability and next-generation batteries to supercharge its success. The goals laid out in this strategy promise to elevate the car manufacturer’s position in the marketplace, as well as “build on its heritage and successfully transition towards electrification”.
It’s further proof that regarding future mobility, the old guard isn’t afraid to beef up their offerings in a bid to dampen the transformative effects of MaaS (mobility as a service). The Hyundai Motor Way is a strategy that actively leverages the company’s past wins – its heritage of innovation. Transformation on this scale takes time, and it’s clear Hyundai wants to compete in the fields of hydrogen, robotics and advanced air mobility, too.
The IONIQ 5 N, pictured above, is this ambition manifested in a very real vehicle – Hyundai may have been established in 1967 in Seoul, Korea, but it’s striving to guarantee it’s a company of the future, with its ambitions set on the world stage.
Photo source: Hyundai Motor’s IONIQ 5 N Enters Final Phase Of Racetrack Capability Testing at Nürburgring Racing Circuit.
Want more on the service side of automation’s future? Read Mobility As A Service (MaaS) Is Revealed As A Top Trend In Car Rental.
