On June 20, South Korean auto giant Hyundai Motor held the "2023 CEO Investor Day," at which it announced the company's medium- and long-term business strategy and financial plan, and announced that it would promote the strategic goal of electrification of automobiles.。

The company plans to invest around 109 over the next decade..4 trillion won (about 854.$100 million) to accelerate the transition to a smart mobility solutions provider。of which about 35.8 trillion won (about 278.$500 million) for electric vehicles。

Key parts of the strategy include the introduction of a next-generation modular architecture for electric vehicles, strengthening electric vehicle production capacity, battery development capabilities and other future businesses (autonomous driving, hydrogen energy, robotics and advanced air transportation, etc.)。

Integrated Modular Architecture (IMA): The company will develop an IMA for its next-generation EV-specific platform, replacing the current Hyundai Electric Global Modular Platform (E-GMP).。Hyundai Motor pays more attention to the proprietary platform of electric vehicles。Earlier, Hyundai Motor CEO Jaehoon Chang had said that it is very important to have a special electric vehicle platform, which is a powerful driving force to ensure the performance, reliability and availability of electric vehicles.。

● Electric vehicle production: Expand electric vehicle production and optimize production capacity, not just build new electric vehicle factories, but also use existing internal combustion engine factories to reduce costs and time。The company aims to sell 2 million electric vehicles a year by 2030 and plans to achieve a profitability of more than 10% in the same year.。

Batteries: Strengthen the overall value chain of batteries, including stable battery material procurement, design capabilities and next-generation batteries。

Other businesses: Continue to work with strategic partners to advance autonomous driving, software, robotics, advanced air traffic and hydrogen energy initiatives。

At a time when the automotive industry is undergoing tremendous changes and corporate competition is intensifying, Hyundai Motor hopes to use the innovation and knowledge it has accumulated over a long period of time as a traditional automaker to compete for leadership in the electric vehicle market。The company announced that it will use its long-term experience in automobile production and sales to achieve a successful transition to electrification.。

"Fostering the value of human-centred innovation by further developing technologies inherited from the past is a unique legacy that a company with a rich heritage can provide."。"The IONIQ 5 N is a high-performance electric vehicle scheduled to be released in July that will inherit and carry forward the long tradition of Hyundai Motor Company.。"

Hyundai Motor (along with Kia Motors), one of the world's 10 largest automakers by sales, said in a statement on Investor Day that it plans to increase the share of electric vehicle production in the United States, its largest market, from zero by 2030..7% to 75%, thereby increasing the localization of electric vehicle production。

For many years, many Korean car companies have been deeply involved in the field of hydrogen fuel cells.。Hyundai Motor became the first car company in the world to successfully mass-produce hydrogen fuel cell vehicles in 2013, and then began to actively promote hydrogen fuel vehicles。

Unfortunately, I bet on the wrong treasure.。According to a data released by SNE Research, a South Korean market research agency, from January to April this year, the total global sales of hydrogen vehicles were 4,699, a decrease of 11.5%。Hyundai Motor's hydrogen fuel vehicle "NEXO" and hydrogen fuel cell bus "Elec City" sold 2,405 units。

Although sales account for half of global sales, the average sales of 1,000 vehicles this month is really "horrible."。

The ship is hard to turn around. Hyundai Motor, as the world's third-largest auto giant by sales, seems a bit "slow" when China and the United States are running on electric vehicles.。Not only have fewer electric car models been launched, but sales are also pitifully small.。As of 2022, Hyundai has sold more than 180,000 electric vehicles, and Hyundai's pure electric vehicles IONIQ 5 and IONIQ 6 have sold more than 100,000 vehicles worldwide, accounting for about 1.5%。In contrast, BYD sold 910,000 pure electric vehicles in 2022, and Tesla delivered 1.31 million pure electric vehicles last year.。

In order to accelerate the realization of the company's strategic goal of electrification, Hyundai Motor has made frequent moves in many markets around the world this year.。

On February 8, Hyundai Motor held a press conference in Osumago, Tokyo, Japan, announcing its re-entry into the Japanese passenger car market。This is Hyundai Motor's re-entry into the Japanese market after 12 years. Zhang Zaixun brought two new energy vehicles to Japan, one is the hydrogen fuel vehicle "NEXO" and the other is the electric vehicle IONIQ 5。Meanwhile, Hyundai Motor announced that it will land in Japan with a new sales method。Unlike traditional 4S stores, Hyundai will build an online car purchase system that allows consumers to complete the entire process of test rides, budget consultation, ordering, payment, and distribution online.。

In March, Hyundai Motor said it may acquire GM's Indian plant, but the final deal is subject to approval by the relevant government authorities and all stakeholders involved in the acquisition.。If the final acquisition is successfully completed, it will be Hyundai Motor's second plant in India and is expected to increase local production capacity.。Hyundai plans to launch six electric cars in India by 2028。

In May, Hyundai Motor and LG Energy announced that they would spend $4.3 billion to build a battery plant in Georgia.。The $4.3 billion investment is part of a previously announced total of $5.5 billion。Construction of the plant will begin in the second half of 2023, and formal production of the battery is expected to begin as early as the end of 2025.。The company expects the plant's annual capacity to reach 30 gigawatt hours (GWh), enough to supply batteries for 300,000 electric vehicles.。Hyundai said the Georgia plant could be expanded later to provide batteries for 500,000 vehicles a year.。