Hyundai Plans to Sell 5.5 Million Units by 2030

South Korea’s Hyundai Motor Company, one of the top three car makers in the world, on Wednesday said that it aims to add 1 million units of production capacity to sell 5.55 million vehicles globally by 2030.

The company plans to lead the automotive industry while expanding into new business and service areas as part of this plan, Hyundai Motor is targeting sales of 2 million Electric vehicles (EVs) by end of the decade, further cementing its global EV leadership.

The company made the announcement at its 2024 CEO Investor Day on Wednesday, unveiling its new mid- to long-term strategy, the ‘Hyundai Way.’

At the event, the company disclosed its commitment to enhancing its electric vehicle (EV) and hybrid competitiveness, advancing its battery and autonomous vehicle technologies, and expanding its vision as an energy mobiliser, responding to the market environment flexibly with its dynamic capabilities.

To achieve its sales targets, Hyundai Motor will open the Hyundai Motor Group Metaplant America (HMGMA) ahead of schedule in 2024 and a dedicated EV factory in Ulsan Metropolitan City by 2026, adding a production capacity of 500,000 units.

To bolster its presence in rapidly growing emerging markets, Hyundai Motor has acquired the Pune factory in India, enabling the establishment of a production system capable of producing 1 million units.

Agile Response

Hyundai Motor Company President and CEO Jaehoon Chang said that under the Hyundai Way, the company will respond to the market with agility thanks to Hyundai’s unique flexible response system.

This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centred on mobility and energy.

“Hyundai will also strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realising a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition,” he added.

Also, the company plans to maximise the utilisation of its facilities in China and Indonesia while actively expanding its market share through its CKD (Complete Knock-Down) business across the Middle East, Asia-Pacific and other regions.

Hyundai Motor’s production goals are underpinned by its commitment to manufacturing innovation, as demonstrated at the Hyundai Motor Group Innovation Centre Singapore (HMGICS).

This smart factory, dedicated to transforming the way Hyundai Motor produces vehicles, integrates various cutting-edge technologies such as robotics, artificial intelligence and advanced vision systems, serving as a test bed for smart manufacturing techniques.

This commitment extends globally as Hyundai Motor actively expands HMGICS’ innovative production technologies from HMGMA to other global manufacturing sites. The adoption of advanced vision technology will further enhance product quality. Hyundai Motor is also incorporating logistics robots into its existing facilities, such as in Ulsan.

By leveraging its extensive experience in producing high-quality vehicles and integrating new technologies, Hyundai Motor is driving manufacturing innovation based on data-driven insights.

It is actively responding to customer preferences, recognizing that while EVs are the future of transportation, not all customers are ready to make the switch. Hence, it continues to offer a range of powertrains, including ICE, hybrids, plug-in hybrids, EVs and hydrogen fuel cell vehicles.

Global Growth

In North America, the company is achieving record-breaking sales for its EVs and hybrids through superior vehicle design and price competitiveness.

In Europe, Hyundai Motor is expanding its dealer network and sales organisation while making strides in key emerging markets in the Middle East, South America, and Asia, with initiatives such as constructing a new production plant in Saudi Arabia, regionalising its product line-up in South America, and establishing new sales offices in Asia. Partnerships with entities like LG Energy Solution are also contributing to its global growth.

As Hyundai Motor expands globally, the company is leveraging the Group’s engineering prowess and localising vehicles to meet specific customer tastes and regulatory requirements. This includes adding hybrid production to HMGMA and introducing hybrid options for Genesis.

Hyundai Motor also is strengthening its global presence by empowering regional organisations, particularly in North America, with strategies to improve dealer relationships, customer experience and regional demand fulfilment.