Hyundai to fully electrify its lineup in major markets by 2040. Here's the plan
Hyundai Motor Corporation has updated its 'Strategy 2025' in a bid to accelerate the transition into becoming a smart mobility solution provider. With a clear eye out on building its electric vehicle portfolio - the first Ioniq is scheduled for a 2021 launch, the Korean car maker is targeting a sizable 10% share in the global EV auto market.
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Hyundai has been quite open about its goals of playing a larger role in the field of electric mobility and will launch three Ioniq EVs over the course of the next few years. This will be in addition to its existing EV lineup. Far more significant is the announcement that it will fully electrify its lineup in major global markets by 2040.
But that's not quite all.
While becoming fiercely competitive in the automotive business through electrification is a major intent, Hyundai is also looking at becoming a leading mobility service and securing initiatives for a hydrogen ecosystem. The company states it wants to offer 'innovative and comprehensive mobility experiences to customers.'
President and CEO Wonhee Lee is determined to take on new-age challenges through a new-age, now updated, strategy. "The year 2020 has been the first year to implement our Strategy 2025. Despite a challenging business environment caused by the Covid-19 global pandemic, we have successfully established the foundation for business growth for the next five years," he says. "Hyundai is now equipped with new strategies to respond to rapidly changing business environments."
Part of the focus on the future may stem from the fact that it is facing increased competition in its home market. Tesla is gaining a firm foothold in South Korea and has started enjoying a cult-like status, much like in many parts across the world. And Tesla's meteoric rise has sent alarm bells ringing among most auto makers which could be one of the more significant factors for Hyundai betting big on electrification.
Little wonder then that Hyundai's mid-to-long-term financial goals include a mammoth investment of KRW 60.1 trillion by 2025.
($1 converts to approximately KRW 1,096)