BERNAMA – South Korean carmaker Hyundai Motor announced its goal to achieve 5.55 million annual global sales by 2030, marking a 30-per-cent increase from its 2023 sales figures, reported German news agency dpa.
In plans revealed at its 2024 Chief Executive Officer Investor Day, the company also announced plans to commercialise autonomous driving vehicle foundry business, and to supply autonomous vehicles to global autonomous driving software firms.
By 2030, the company plans operating profit margin over 10 per cent on a consolidated basis.
While unveiling its new mid to long-term strategy, the “Hyundai Way”, the company also announced its plan to employ new target shareholder return (TSR) of over 35 per cent and rollout of a share buyback scheme of up to KRW4 trillion (USD3 billion) from 2025 to 2027.
The shares gained around 4.7 per cent yesterday’s trading in South Korea to close at KRW259,000. In the event, the company detailed a flexible response approach to market conditions and focus on electrification.
The company said it plans to make a significant investment of KRW120.5 trillion through 2033 to support the “Hyundai Way” strategy.
The company aims to sell two million electric vehicles (EVs) per year globally by 2030. It also plans to introduce new extended range EV models, a new type of EV with a range of more than 900 kilometres on a single charge, in North America and China.
It aims to offer a full lineup of 21 EV models by 2030, ranging from affordable to luxury and high-performance. Further, hybrid electric vehicle offerings will be expanded to 14 models from the current seven.
Hyundai Motor’s global sales annual volume was 4.21 million units in 2023.
