Hyundai Motor Group Steps on Gas to Secure Preoccupancy in Future Car Market
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Hyundai Motor Group Steps on Gas to Secure Preoccupancy in Future Car Market
Places 3rd in terms of sales among global automakers last year

29(Sat), Jul, 2023

President Chang Jae-hoon of Hyundai Motor Company announces the automaker’s mid- and long-term strategies and financial plans at ‘2023 CEO Investor Day’ in Seoul on June 20. (Photo: Hyundai Motor)

Hyundai Motor Group, which ranked 3rd among global car makers last year, is hitting the gas to dominate the future car market. 

Hyundai Motor Group is a late-comer for competition in the over 130-year internal combustion engine era, but the group has finally joined the “Big Three Circle” last year thanks to indomitable spirit and determination. 

Auto business circles said on June 25 that Hyundai Motor Group sold a combined 6,845,000 units on the global market last year, trailing Toyota Group of Japan, which sold 10,483,000 units, and Volkswagen Group of Germany, which sold 8,481,000 units. 

It was the first time since its inception that Hyundai Motor Group joined the “Big Three.” 

The latest feat comes 47 years after Hyundai Motor began to mass produce the “Pony,” a model it developed on its own, in December 1975. 

The Pony was a historic car in which Hyundai and Korea had been recognized globally. Despite opposition and concerns, the Pony project was a success thanks to an indomitable spirit and determination for localization. 

Chairman Chung, a grandson of the late founder Chung Ju-young, aims to secure leadership in the future EV and self-driving car market beyond the internal combustion engine car market, based on the pioneering DNA his ancestor demonstrated. 

Chmn. Chung, who took helm of the automotive group in 2020, is hitting the gas to explore the future mobility market. 

Hyundai Motor went nimble and fast by introducing the EV IONIQ 5 and EV6, produced from the exclusive EV platform. IONIQ5 had proved its competitiveness by winning awards, such as the “World Car of the Year” prize at the 2022 World Car Awards last year. To this end, Hyundai Motor is investing big. 

Hyundai Motor Group held a groundbreaking ceremony for the construction of a plant for the exclusive mass production of EVs at Kia Motors’ Autoland Hwaseong in April. 

The group aims to build a global lineup to mass produce 3.64 million EV units annually, by investing 24 trillion won by 2030. The group plans to produce 1.51 million units in Korea out of the total. 

Hyundai Motor Way’ Sets Course for Accelerated Electrification at 2023 CEO Investor Day

Hyundai Motor Company hosted its highly anticipated ‘2023 CEO Investor Day’ in Seoul on June 20, 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 (ICE) 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 109.4 trillion won over the next 10 years.

Furthermore, in order to secure leadership in the future mobility industry, it has decided to focus on future businesses, such as autonomous driving, hydrogen, robotics and advanced air mobility (AAM).

At the forum, Chang Jae-hoon, President and CEO, Seo Gang-hyun Executive Vice President, CFO and Head of Finance & Accounting Division, Kim Heung-soo, Executive Vice President and Head of the Global Strategy Office (GSO), and Kim Chang-hwan, Senior Vice President and Head of the Battery Development Center, as well as other executives presented the roadmap to shareholders, investors and other stakeholders.

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 (EV) 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.

In particular, the company has decided to initiate its ‘Hyundai Motor Way’ strategy by securing 109.4 trillion won for its next decade investment, including 35.8 trillion won for electrification. 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. 

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