Hyundai will offer 44 electrified models by 2025 and target annual sales of some 1.67 million units as part of a push to innovate and invest in new growth areas.
It is part of a group-wide strategy to accelerate “technological advancements” and develop the automaker into an “Industry 4.0” leader, Hyundai Motor Group’s executive vice-chairman Euisun Chung said in a press statement.
Mr Chung laid out three areas of focus for the company in the year ahead: enhancing business competitiveness; strengthening future-readiness; and innovation of management and organisation systems.
Thirteen new models to be launched this year across the Hyundai, Kia and Genesis brands will help rejuvenate the group’s business in the key US and China markets.
The new models will also strengthen operations in emerging markets like India and Asean countries, Mr Chung said.
He added the group will refocus its business portfolio and maximise efficiency through a ‘selection and concentration’ approach to strengthen operations globally.
Mr Chung plans to grant the group’s regional headquarters “greater autonomy”, stressing its role in helping to boost the group’s bottom line in automotive businesses.
That is alongside boardwide efforts to strengthen business fundamentals and optimise operations.
By 2030, Hyundai expects to have invested around 8 trillion won (S$9.73 billion) in fuel cell technologies including FCEVs.
The firm is also looking to launch a pilot fleet of autonomous ‘Robo taxis’ in Korea by 2021.
To that end, the group will pursue and explore partnerships with global industry leaders to develop autonomous driving technologies.
These efforts will culminate in the group creating its own mobility service business model, which involves developing business opportunities which integrate manufacturing and services.
In addition, Mr Chung has “vowed” to fulfill social responsibilities, create jobs and “achieve win-win opportunities and harmonious cooperation” across the business.