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.

Ioniq 5, 6 and 7 promise to help Hyundai dictate terms in the global EV space.
Ioniq 5, 6 and 7 promise to help Hyundai dictate terms in the global EV space.

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.'

Also check these Vehicles

Find more Cars
Hyundai Ioniq 5 (HT Auto photo)
₹ 44.95 Lakhs* **Ex-showroom price
Add to compare
Check latest offers
Hyundai Ioniq 6 (HT Auto photo)
UPCOMING
₹ 65 Lakhs *Expected Price
View Details
Hyundai Kona Electric (HT Auto photo)
₹ 23.79 - 23.98 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai I20 (HT Auto photo)
₹ 6.99 - 11.16 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai Exter (HT Auto photo)
₹ 6 - 10.15 Lakhs* *Ex-showroom price
Add to compare
Check latest offers
Hyundai Nexo (HT Auto photo)
UPCOMING
₹ 65 Lakhs *Expected Price
View Details

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)

First Published Date: 11 Dec 2020, 13:03 PM IST
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
74% OFF
IDELLA Car Duster, Extendable Long Handle Microfiber Car Duster Exterior Scratch Free Car Cleaning Tool, Car Dust Brush for Truck, Pickup, SUV, RV, Motorcycle, Vehicles Cleaning,(Multicolor)
Rs. 238 Rs. 899
55% OFF
Antson Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable, Portable,Rechargeable Vacuum (2 in 1)
Rs. 899 Rs. 1,999
74% OFF
Microfiber Car Cleaning Soft Brush Ideal as Mop Duster, Washing Brush with Long Handle, Dust Cleaner Car Wash Brush with Handle, Soft Brush Scratch Free, Cleaning Dashboard Curved Design - Grey
Rs. 389 Rs. 1,499
1% OFF
GOODAIR Clear Car Windshield Enhancer | Classic |12 Tablets
Rs. 295 Rs. 299

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
Powered by: Acko Logo
Please be noted that any information provided herein above will be received by Acko General Insurance Limited (“Acko”). By mentioning the above information, you agree to provide these details and information to Acko.
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.