Hyundai Motor unveils 'Hyundai Way' strategy at 2024 CEO Investor Day

Hyundai Motor Company has announced its ambitious new strategy, the ‘Hyundai Way’, at its 2024 CEO Investor Day. This strategy outlines the company's commitment to strengthening its position in electric vehicles (EVs) and hybrids, advancing battery and autonomous vehicle technologies, and evolving into a prominent player in energy mobilization.

President and CEO Jaehoon Chang emphasized Hyundai’s flexible approach to market demands, aiming for sustainable leadership in an uncertain market. “Under the Hyundai Way, we will respond to the market with agility, securing our position as a game changer in the mobility and energy sectors. We aim to transform into a leader in the era of energy transition,” said Chang.

Strengthening Hybrid and EV Competitiveness

Hyundai has made significant strides in hybrid technology with its proprietary TMED system. The company plans to expand its hybrid lineup from seven to fourteen models, including offerings for its luxury brand, Genesis. The next-generation TMED-II system, set for production in January 2025, promises enhanced performance and fuel efficiency. Hyundai aims to boost hybrid vehicle sales to 1.33 million units by 2028, with a focus on North America, Korea, and Europe.

In response to slowing EV demand, Hyundai is developing a new Extended Range Electric Vehicle (EREV). This vehicle combines internal combustion engines with electric power for improved customer appeal and cost competitiveness. The EREV will begin mass production in North America and China by 2026, with sales starting in 2027.

Expanding Production and Global Presence

By 2030, Hyundai Motor targets an increase in global production capacity to 5.55 million units, with a focus on EVs. The company will open the Hyundai Motor Group Metaplant America (HMGMA) and a dedicated EV factory in Ulsan. It has also acquired the Pune factory in India and plans to enhance its facilities in China and Indonesia.

Hyundai is also investing in manufacturing innovation through its Hyundai Motor Group Innovation Center Singapore (HMGICS), which integrates cutting-edge technologies like robotics and AI.

Advancing Battery Technology

Hyundai aims to become the only OEM with a comprehensive battery lineup by advancing battery technology, including solid-state batteries. The company plans to develop affordable NCM batteries and enhance battery safety through improved cooling technology and real-time diagnostics.

Mobility Game Changer: Software and SDVs

Hyundai’s 'Mobility Game Changer' strategy includes a shift towards software-centric development, focusing on Software-Defined Vehicles (SDVs). The company is developing an SDV Pace Car and a Zonal Electric-Electronic (E/E) architecture to optimize vehicle control and communication. New infotainment systems and a user-friendly Digital Cockpit are also in development.

Launching Autonomous Vehicle Foundry Business

Hyundai plans to launch an autonomous vehicle foundry business, leveraging its hardware development capabilities and collaborations with global autonomous driving leaders. The company aims to develop a platform for Level 4 or higher autonomous driving and expand its robotaxi services globally.

Hyundai Motor's new strategy reflects its commitment to innovation and leadership in the automotive and energy sectors. By enhancing hybrid and EV technologies, expanding global production, advancing battery and software technologies, and launching autonomous vehicle initiatives, Hyundai is positioning itself for future success in the rapidly evolving automotive landscapw.

Also Read: Hyundai unveils bold new ALCAZAR SUV