Hyundai Motors has announced its 'Hyundai Way' strategy – a roadmap for the future focused on electrification, hybrid technology, hydrogen fuel, and autonomous driving. The strategy outlines ambitious targets that Hyundai Motors aims to achieve in the future. It builds on their current multi-pronged approach which includes combustion engines, BEVs and FCEVs.
The core of Hyundai’s strategy is its electrification plan, where Battery Electric Vehicles (BEVs) play an important role. Hyundai is aiming for 5.55 million annual global sales by 2030, a 30 per cent increase from 2023. It is also setting its sights on selling 2 million EVs annually by 2030. To meet these goals, Hyundai plans to introduce a full lineup of 21 EV models, catering to a wide range of consumers from the budget-conscious to those seeking luxury and high-performance vehicles.
In addition to traditional BEVs, Hyundai will roll out new Extended-Range Electric Vehicles (EREVs). These vehicles, equipped with a small combustion engine and generator, can recharge the battery when it runs low, offering a 900km range on a single charge. Unlike mild hybrids that use the engine when battery is low, in EREVs the engine acts as a booster for the battery. These will mainly be sold in North America and China.
Hyundai plans to expand its Hybrid Electric Vehicle (HEV) lineup to 14 models, including offerings from its luxury brand, Genesis. With a goal of selling 1.33 million HEV units by 2028, Hyundai is ready to introduce the second generation of its Transmission Mounted Electric Device (TMED) technology, TMED-II, enhancing the efficiency and performance of its hybrid models. TMED is a technology in which an electric motor is mounted on an automatic transmission.
Hyundai is broadening its hydrogen strategy to include various applications such as trams, trains, advanced air mobility, heavy equipment, and sea vessels. With an eye on achieving net zero carbon emissions by 2045, Hyundai plans to position itself as a leader in sustainable transportation.
Hyundai plans to launch a foundry business that will supply autonomous vehicles to global technology companies. Additionally, the company is developing a platform for Level 4 or higher autonomous driving capabilities.
Closer to home, Hyundai Motor India has announced plans for an Initial Public Offering (IPO) by early 2025, marking a significant milestone in its expansion in the country.
To fuel these ambitious plans, Hyundai will invest over ₹7 trillion (converted to INR) globally between 2024 and 2033. This massive investment underscores the company’s commitment to leading the future of mobility.