Chairman Chung Euisun delivers his New Year's address at a ceremony held at Hyundai Motor's headquarters in Seocho-gu, Seoul on Jan. 2, 2020. (Yonhap)
Hyundai Motor unveiled Thursday its new “2025 Strategy” for innovative mobility solutions and core business strategies such as electric vehicles, urban air mobility, autonomous driving, fuel cells and the hydrogen ecosystem.
The nation’s largest automaker announced the plan during its CEO Investor Day forum held online for shareholders, analysts and credit rating agency officials.
During the event, the company vowed to invest 60.1 trillion won ($55 billion) in future businesses, secure an 8 percent operating profit margin in the automotive sector and achieve a 5 percent global market share by 2025.
In the electric vehicle sector, starting with the launch of the Ioniq 5 in 2021, Hyundai plans to sell 560,000 vehicles per year by 2025. The company expects to introduce more than 12 battery electric vehicle models, including those built upon E-GMP, the group’s dedicated platform for electric cars.
In the mid- to long-term, Hyundai aims to achieve 8-10 percent share of the global electric vehicle market by 2040. Starting from 2030, the company will gradually expand battery electric vehicle offerings in key markets such as the US, Europe and China, aiming to fully electrify its product lineup in major global markets by 2040. It will also support wider use of electric cars in emerging markets such as India, Russia and Brazil with more diverse models, the automaker said.
For its Genesis luxury brand, it will introduce a dedicated battery electric vehicle model and a derived electric model in 2021. Following the Korea and US markets, Genesis plans to expand its presence in China and Europe to build awareness and demand for the eco-friendly luxury brand.
In the urban air mobility sector, the company will focus on building an ecosystem and securing leadership by establishing a comprehensive product line that encompasses passengers and cargo, and promoting the development of the hydrogen fuel cell powertrain for aviation.
To take the lead in the urban air mobility market, Hyundai Motor said it would build a family of air vehicles that covers both the passenger and cargo transportation sectors.
The carmaker plans to introduce an air cargo unmanned aircraft system with a hybrid powertrain in 2026, and launch an all-electric urban air mobility model optimized for intracity operations in 2028. In the 2030s, the company plans to launch regional air mobility systems connecting adjacent cities.
In the case of the self-driving sector, it plans to add an over-the-air update function to the level 2 self-driving technology from 2021 and apply level 3 partial self-driving technology to mass-production vehicles from 2022. It will continue to develop level 4 and 5 self-driving technologies through collaboration with global companies.
Hyundai has been applying a sensor fusion technology that integrates and processes information collected from various sensors such as cameras and radars. The company will add more cameras and start using lidar on mass production vehicles to further improve recognition accuracy.
As for the hydrogen fuel cell sector, the company plans to introduce its hydrogen fuel cell system brand HTWO to expand its global business and its hydrogen ecosystem, aiming to sell 700,000 hydrogen fuel cells in 2030.
By Shin Ji-hye (firstname.lastname@example.org)