South Korean automaker Hyundai Motor Co. Ltd (HYMLF.OB) announced ambitious targets at its 2024 CEO Investor Day. The company aims to achieve 5.55 million in annual global sales by 2030, representing a 30 percent increase from 2023 figures. Hyundai also revealed plans to commercialize its autonomous driving vehicle foundry business and supply autonomous vehicles to global autonomous driving software firms.By 2030, Hyundai Motor intends to achieve an operating profit margin exceeding 10 percent on a consolidated basis. Introducing its new mid- to long-term strategy, dubbed the “Hyundai Way,” the company set a target shareholder return (TSR) of over 35 percent and outlined a share buyback program worth up to KRW 4 trillion, scheduled from 2025 to 2027.Reflecting investor confidence, Hyundai’s shares surged approximately 4.7 percent during Wednesday’s trading session in South Korea, closing at 259,000 won.During the event, Hyundai detailed a flexible response approach to market conditions with a strong focus on electrification. The company plans to invest a substantial KRW 120.5 trillion by 2033 to support the ‘Hyundai Way’ strategy.The automaker aims to sell 2 million electric vehicles (EVs) annually by 2030 and plans to introduce new Extended Range Electric Vehicles (EREVs)—a novel type of EV with a range exceeding 900 km per charge—primarily targeting the North American and Chinese markets.Hyundai aims to offer a comprehensive lineup of 21 EV models by 2030, covering a spectrum from affordable to luxury and high-performance vehicles. Additionally, the company’s hybrid electric vehicle (HEV) offerings will expand from the current seven models to 14.In 2023, Hyundai Motor recorded a global sales volume of 4.21 million units.The material has been provided by InstaForex Company – www.instaforex.com
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