22/03/02
Lead
If the latest transformation goals can be achieved, Hyundai's electrified models will account for about 7% of the global market.
Author 丨 North Shore
Responsible editor 丨 Cao Jiadong
Edit 丨 Chic
Hyundai CEO Jaehoon Chang unveiled his new electrification goals at Wednesday's Investor Day forum. According to the plan, Hyundai Motor will invest 95.5 trillion won (equivalent to about 500 billion yuan) by 2030, of which 19.4 trillion won (equivalent to about 101.6 billion yuan) will be used for electrification transformation, accounting for about 20% of the total planned investment.
The latest goal is for Hyundai, Kia and Genissy to sell 1.87 million pure electric vehicles by 2030, and the short-term goal is to achieve sales of 560,000 new electrified vehicles by 2025.
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500 billion, how to spend?
Zhang Zaixun said that despite the current uncertainties such as supply chain shortages and new crown pneumonia, the company's determination to accelerate its transformation will not waver.
If Hyundai is able to achieve the new targets described above, the company's electrified model sales will account for about 7% of the global market, and the company said at the end of 2020 that it plans to occupy about 8% to 10% of the global electric vehicle market by 2040.
According to the new plan, the operating margin of Hyundai Motor's electrification business will reach 10% or higher, and such data will help the parent company achieve a consolidated operating margin of 10%.
Analysts in South Korea said Hyundai's 19.4 trillion won investment in electrification business was not "aggressive" compared to other competitors, and the investment was dwarfed by manufacturers including Toyota Motor, which plans to invest a total of 8 trillion yen in electrification by 2030.
It is certain that electric vehicles will be the main cash cow for the Korean manufacturing giant, whether the new target is radical or not, and the latest data shows that the overall sales share of electrified models will rise to 36%.
Specifically, Hyundai will focus its core markets in the coming years on the U.S. and Europe, and plans to gain an 11 percent market share in the U.S. and a 6 percent market share in Europe. In South Korea, the national market share of electrified models has been increased to 58%.
In the past 2021, Hyundai motor has sold a cumulative 15,000 electric vehicles in the United States, accounting for 4.06% of the market share, and globally, Hyundai motor's electric vehicle market share in the third quarter of last year was 4.8%.
According to the content released by the investor conference, Hyundai Motor will focus on nine more mature electric vehicle markets -
They are the United States, China, India, Russia, Brazil, the Czech Republic, Turkey, Indonesia and South Korea. In these countries and regions, Hyundai Motor will accelerate the pace of infrastructure construction and accelerate the terminal sales and market share of electrified models as soon as possible.
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How do ambitions come true?
So, how do you achieve your transformation goals for the next decade?
The first support is the platform.
Hyundai will deploy a new dedicated EV integrated modular architecture IMA in 2025, which will upgrade the existing e-GMP platform for the production of electrified models in all segments. To support this latest modular architecture, Hyundai will deploy five standardized motors for IMA according to the model specifications.
The second support is the product line.
Hyundai motor will increase its previous goal of selling 560,000 pure electric models in 2025 to 1.87 million units in 2030. In the short term, the company's upcoming new cars include 3 sedans, 6 SUVs, 1 light commercial vehicle and 1 new model with no details disclosed.
Genises plans to launch two sedans and four SUVs, and the brand will electrify all models from 2025 onwards.
The third support is the battery.
In terms of batteries that account for the highest manufacturing costs for electric vehicles, Hyundai Motor hopes to increase local procurement of batteries through alliances in different regions, including the United States. The company plans to get nearly half of its lithium-ion battery supply in a cross-regional fashion starting in 2025.
Hyundai motor said that the company currently has enough battery supply to drive the electrification transition, and at least until 2023, the battery supply reserve is completely sufficient. Regarding the next generation of solid-state batteries, Hyundai Motor said it is promoting cooperation with partners -
In an interview with Automotive News Europe in December last year, Hyundai executives said that many Japanese automakers had promised to commercialize solid-state batteries by 2030, but in Hyundai's view, such a plan was premature.
Prior to his appointment as head of Hyundai Motor in December 2020, Jang served as the global head of Genises, playing a key role in the head of the Korean luxury brand at a key turning point.
The fourth support is OTA and software upgrades.
At the Investor Day Forum just held, Hyundai's latest software update will be deployed in new models launched at the end of 2022 and extended to all Hyundai models by 2025. By 2030, the use of integrated control units in all Hyundai models will be reduced by one-third compared to today.
The fifth support is autonomous driving.
In this round of investment plans, about 12 trillion won will be spent on digital and autonomous driving businesses, and in order to improve profitability in the new era, Hyundai motor will also expand its electric vehicle production base to centers outside of South Korea and the Czech Republic. Starting in 2022, the company will also start production of new electrified models in Indonesia.
It is reported that Hyundai Motor's L3 level automatic driving system will be deployed on Genises' car G90 in the second half of this year, and Aptiv and Uber Eats are partners of the company's autonomous driving.
North Shore
A sommelier who doesn't love cars is not a good editor.