Hyundai Unveils 'Hyundai Way' Strategy, Targets 5.55 Million Sales by 2030

Philip Lee -

Seoul, South Korea - Hyundai Motor Company announced its new "Hyundai Way" strategy, outlining ambitious growth targets and a significant shift towards electrification. 

The company aims to increase its global sales by 30% to 5.55 million units by 2030, up from 4.21 million units in 2023.

Central to Hyundai's strategy is a substantial investment of KRW 120.5 trillion ($90.11 billion) over the next decade, allocated across research and development (KRW 54.5 trillion), capital expenditure (KRW 51.6 trillion), and strategic investments (KRW 14.4 trillion). 

This investment underscores Hyundai's commitment to maintaining its competitive edge in the rapidly evolving automotive industry.

The company's electrification plans are particularly ambitious. By 2030, it aims to sell 2 million electric vehicles (EVs) annually. 

To achieve this, Hyundai will expand its EV lineup to 21 models, ranging from affordable to luxury and high-performance vehicles. 

The automaker is also developing a new extended-range EV (EREV) with a driving range exceeding 900 km, which it plans to launch in North America and China by 2026.

In response to market demands, especially in Asia, Hyundai will double its hybrid lineup from 7 to 14 models, including offerings under its luxury Genesis brand. 

The company plans to introduce an enhanced next-generation hybrid system with improved performance and fuel efficiency starting in January 2025.

Hyundai's expansion plans include increasing its production capacity by 1 million units by 2030. 

The company will open new factories in the United States and South Korea while maximizing utilization of its facilities in China and Indonesia. 

This strategy aims to strengthen Hyundai's presence in key Asian markets and capitalize on the growing demand for eco-friendly vehicles in the region.

On the financial front, Hyundai targets a consolidated operating profit margin of over 10% by 2030. 

The company also announced a new shareholder return policy, including a total shareholder return (TSR) of over 35% from 2025 to 2027 and a share buyback scheme of up to KRW 4 trillion.