Hyundai targeting 7% of global BEV market by 2030

Hyundai targeting 7% of global BEV market by 2030


Hyundai has unveiled a strategic roadmap to accelerate its electrification efforts, with President and CEO Jaehoon Chang and other executives presenting the plans to shareholders, investors and other stakeholders at the ‘2022 CEO Investor Day’ virtual forum. The company also unveiled targets for sales and financial performance to be achieved by 2030.

The roadmap for Hyundai’s is supported by strengthening battery-electric vehicle (BEV) line-ups, optimising manufacturing capacity, and securing hardware and software competitiveness. Under the plan, the company aims to boost annual global BEV sales to 1.87 million units and secure a 7% level of global market share by 2030.

By 2030, Hyundai aims to achieve an operating profit margin of 10% or higher in EV businesses by enhancing competitiveness in hardware and software capabilities with an expanded line-up.

“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 President Chang.

“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.”

Hyundai Motor raised its annual BEV sales target to 1.87 million units by 2030, from previously announced 560,000 units by 2025. The company aims to take 7% market share in the overall global BEV market.

Indeed, Hyundai plans to introduce 17 BEV models: 11 Hyundai models along with six models from its luxury Genesis brand by 2030 as it seeks to expand in the BEV spectrum. The new Hyundai BEV models will include three sedan models, six SUVs, one light commercial vehicle as well as one new model. This year, Hyundai begins sales of the IONIQ 6, followed by IONIQ 7 in 2024.

Within the Genesis brand, the BEV line-up consists of two passenger cars and four SUVs, including the Electrified GV70 launching this year. Starting in 2025, all newly launched models from Genesis will be “electrified,” according to the company.

Hyundai is also aiming to establish a high efficiency manufacturing process for BEV production to accelerate its transition to electric vehicles. The Hyundai Motor Global Innovation Center in Singapore (HMGICS) will build a “human-centered manufacturing innovation platform,” according to the company. The platform is expected to bring dramatic innovation in production efficiency through a flexible production system, advanced level automation and digital twin technology.

Beyond existing BEV production facilities centered in Korea and the Czech Republic, Hyundai is also planning to gradually expand its BEV manufacturing bases, starting with an Indonesian plant that recently started operation. The Indonesian plant will start BEV production this year to help expand production volume.

As BEV production bases expand, the company is trying to increase the local procurement rate of batteries through strategic alliances with battery companies in major regions, including the U.S., to secure sufficient battery supply. Through these alliances, the company expects to obtain more than 50% of its next-generation lithium batteries for BEVs starting in 2025.

Hyundai will also diversify battery sourcing to consolidate the competitiveness of future BEVs. The company has secured sufficient battery supply to meet its sales targets by 2023. Hyundai plans to continue cooperation with various battery companies with an aim of securing 170 GWh of batteries for its new electric models, including the Genesis brand, by 2030.