Hyundai Motor Co. plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025 in a new strategy roadmap that includes investments in electric and fuel cell cars, autonomous driving, flying taxis and mobility services.
The "Strategy 2025" roadmap aims to place Hyundai among the world's top three makers of battery and fuel cell vehicles, with annual sales of 670,000 electric cars, comprising 560,000 full-electric and 110,000 fuel-cell vehicles.
The goal is to electrify most new models by 2030 in key markets such as the U.S., Europe, China and Korea, with emerging markets such as India and Brazil following suit by 2035, Hyundai said on Wednesday.
The Genesis brand will launch its first full-electric models in 2021, then expand its electric lineup in 2024. The high-performance N brand will launch SUVs and EVs, the automaker said.
A new global modular EV architecture will enhance efficiency and scalability of product development, starting with vehicles being launched in 2024, Hyundai said.
Hyundai also said it will transition into smart mobility solution provider by 2025 with two pillars:
1. Mobility services. These will offer personalized services and contents on integrated platform. In the U.S., the automaker will test Level 4 or higher autonomous car-sharing and autonomous taxi services. In Europe, the company will first focus on businesses that combine products and services. In Korea, Asia, and Australia, Hyundai will partner with local mobility service players.
2. Mobility devices. These will expand the company's products beyond automobiles to include air taxis, robotics and last-mile mobility. Hyundai is looking at developing flying cars, which could be commercialized ahead of the most advanced self-driving cars, its executive vice chairman, Euisun Chung, has said.
The "Strategy 2025" roadmap should create a more profitable business with a global market share of 5 percent in 2025, up from 4 percent in 2018, according to Hyundai.