Hyundai Motor Company plans to accelerate its electrification plan, with the goal of selling 1.87 million battery electric vehicles (BEVs) annually by 2030 and targeting 7 per cent of the global electric vehicle market share by that date.
“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 Hyundai Motor President and CEO Jaehoon Chang.
The OEM plans to strengthen its BEV lineup by introducing 17 new BEV models by 2030: 11 for Hyundai, and six for Genesis. It also plans to optimize its manufacturing capacity, and become more hardware and software competitive.
“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,” said Chang.
By 2030, the company wants to reach an operating profit margin of 10 per cent or more in EV businesses, by boosting competitiveness in hardware and software capabilities with its expanded lineup of models. “On a consolidated basis, it aims to secure an operating profit margin of 10 per cent,” said Hyundai.
