South Korea’s largest automaker Hyundai Motor Group [005380:KS] revealed its new business focuses of electrification, self-driving technologies, robotics, and urban air mobility (UAM), as reported by Korea Economic Daily on January 3. The company aims to become a superior eco-friendly auto brand and will speed up its electrification efforts by releasing new electric vehicle (EV) models in 2022, including Hyundai IONIQ6, the Genesis GV70 EV, the Kia Niro EV, and the Kia EV6 high-performance model. Meanwhile, the firm set up an ambitious global sales target of 7.47m cars for 2022, growing 12% compared with the 2021 shipment.
Hyundai announced the future development scheme a month after it renamed its powertrain division as the electrification division and established a battery development center. The move is in line with the company’s plan to reach carbon neutrality in 2045, by when it aims to eliminate all internal combustion engines (ICE) from its portfolio. With the new EV models, the company expects to hit EV sales of 220,000 units this year, expanding from the estimated shipment in 2021. In the long run, the firm aims to have 44 environment-friendly EV models and sell 1m units of EVs in 2025, then boost the number to 1.7m in the next year.