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Annual sales of 2 million trams! Hyundai Motor announces heavy investment

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On June 20, South Korean automaker Hyundai Motor announced that it plans to invest about 109.4 trillion won (about 610.452 billion yuan) in automobile research and development by 2032, of which about 35.8 trillion won (about 199.764 billion yuan) is used for electric vehicles. In addition, Hyundai Motor said that by 2030, it will achieve annual sales of 2 million electric vehicles and achieve an electric vehicle profit margin of more than 10% in the same year.

Just two months ago, Hyundai Motor announced that it planned to invest about 24 trillion won by 2030 to increase the production of electric vehicles and strive to become one of the world's top three electric vehicle manufacturers. The investment will be used to expand electric vehicle production lines, develop parts and related technologies, and build electric vehicle infrastructure, which will increase Hyundai Motor Group's electric vehicle production in South Korea to 1.51 million units, accounting for about 40% of the estimated global electric vehicle production of 3.64 million units.

To date, Hyundai Motor Group brands include Hyundai Motor, Kia Motors, luxury car brand Denise and parts and service subsidiary Hyundai Mobis. According to the plan, Hyundai Motor Group brand electric vehicles are expected to reach 31 models by then, including Hyundai Motor and Janice launched 18 models, Kia launched 13 models. Among product developments, Kia plans to launch the EV9 in South Korea later this year, and Hyundai plans to launch the Ioniq 7 electric SUV model in 2024.


According to the data, Hyundai Motor Group sold 6.8482 million vehicles worldwide in 2022, ranking third in the global sales list for the first time after Toyota (10.483 million vehicles) and Volkswagen (8.481 million vehicles), becoming the world's third largest automaker.

From the data analysis, Hyundai Motor in the global auto market performance is not bad, but its market share in China is gradually being divided. Data show that Hyundai's market share in China has fallen to 1.6%.

In October 2002, Hyundai Motor Group and BAIC Group jointly established Beijing Hyundai in China. Since then, Hyundai Motor's sales volume in China has been at a high point. From 2013 to 2016, the sales volume was 1.03 million vehicles, 1.16 million vehicles, 1.06 million vehicles and 1.14 million vehicles respectively, and reached the historical peak in 2016, but since then, the sales volume began to decline continuously. Data show that sales have shrunk to 352,000 and 254,000 vehicles in 2021 and 2022, leaving only 1% of the market share.


Today, China has become the world's largest and fastest-growing auto market, and it is also growing into a powerful auto manufacturing power. Industry insiders believe that Beijing Hyundai has lost the best opportunity to enter the new energy track and its brand influence has declined seriously against the background of China's new energy market being highly inward.

For Beijing Hyundai at present, the most urgent problem to be solved is to have a product that can be played. While Hyundai Motor Group continues to invest heavily in accelerating its electric transformation, it is not easy for Hyundai Motor Group to seize a place in the highly competitive electric vehicle field. Especially for Beijing Hyundai at present,"how to create explosive products that stand out among many homogeneous products" is an urgent problem to be solved.

On June 18, Beijing Hyundai brand-new compact SUV model_MUFASA Mu Sa officially launched, the new car launched a total of three models, the price range of 121,800 - 139,800 yuan, after the launch will directly replace Hyundai ix35, powered by the same 2.0L engine as ix35. Wu Yi, general manager of Beijing Hyundai, said: "Mu Sa did not carry hybrid technology at the initial stage of product development, but in the later stage, hybrid technology will be carried when making model change or commodity improvement. For the overall hybrid direction of Beijing Hyundai and the future electric direction, we have an annual table and long-term strategic plan internally."

In November 2022, Beijing Hyundai launched the "2025 New Plan", and MUFASA Mu Sa is the first new car launched under Beijing Hyundai's "2025 New Plan". According to the plan, by 2025, Beijing Hyundai will realize the comprehensive hybrid of fuel vehicles. In the next 3-5 years, a hybrid product matrix of MPV, two cars and three SUV models will be built to achieve the annual production and sales scale of 300,000 hybrid products. In 2023, exclusive EV models will be launched, 4-5 pure electric vehicle products will be launched within 3 years, and the annual sales volume of electric vehicle products will reach 200,000 units.


As one of the earliest joint venture brands, Beijing Hyundai announced that it would take three years to achieve a market share of about 3%, and return to the annual sales target of more than 500,000 vehicles by 2025.

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