Hyundai Motor targets 30% hike in global sales by 2030

By Tuba Ongun

Hyundai Motor targets to reach 5.55 million annual global sales by 2030, a surge of 30% from 2023, the company said in its 2024 CEO Investor Day on Wednesday.

The South Korean automaker also aims to sell 2 million electric vehicles (EVs) per year globally by 2030.

Hyundai plans to offer a full lineup of 21 EV models and expand hybrid offerings to 14 models by then.

The company will invest 120.5 trillion won ($90.3 million) through 2033 to support these initiatives or 'Hyundai Way' strategy, including developing new battery technologies and autonomous driving capabilities.

It would buy back stocks worth up to 4 trillion won ($2.99 billion) from 2025 to 2027.

The company is seeking to enhance its position as "a game changer" by expanding beyond vehicle manufacturing, Jaehoon Chang, President and CEO of Hyundai Motor Company, said.

"By enhancing the role of energy business operators and realizing 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.

Hyundai Motor Group became one of the top three automakers globally with a global sales annual volume of 4.21 million units in 2023.