November 3, 2024

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Hyundai unveils ambitious global sales, growth strategy for 2030

Hyundai unveils ambitious global sales, growth strategy for 2030

Hyundai unveils ambitious global sales, growth strategy for 2030



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(MENAFN) Hyundai Motor, one of South Korea’s leading automotive giants, has set forth an ambitious strategy to significantly expand its global footprint over the next several years. The company has outlined a bold target to achieve annual global sales of 5.55 million vehicles by 2030, representing a substantial increase of 30 percent compared to its sales in 2023. This target reflects Hyundai’s determination to grow its market share by enhancing its product offerings, expanding into new markets, and leveraging its reputation for quality and innovation. In 2023, Hyundai recorded global sales of 4.21 million units, and the company sees the next seven years as a critical period to build upon this solid foundation and achieve its ambitious growth objectives.

A key component of Hyundai’s strategy involves deepening its engagement with advanced vehicle technologies, particularly in the realm of autonomous driving. The company has announced plans to market its autonomous driving vehicle foundry business, aiming to establish itself as a significant player in this fast-growing sector. By focusing on the development and supply of self-driving vehicles, Hyundai seeks to capitalize on its technological advancements and cater to the increasing demand from self-driving software companies. This approach not only positions Hyundai as a provider of autonomous vehicles but also as a key supplier to technology firms that are driving the innovation in self-driving solutions, thus creating new revenue streams and expanding its business model beyond traditional automotive manufacturing.

Alongside its sales and technological goals, Hyundai is also targeting substantial improvements in its financial performance. The company aims to achieve an operating profit margin of over 10 percent by 2030, a goal that underscores its commitment to increasing profitability through operational efficiency, cost management, and strategic investments in high-growth areas. By balancing its efforts between expanding sales volumes and improving profit margins, Hyundai plans to enhance its competitiveness in the global automotive market. This comprehensive strategy highlights Hyundai’s forward-thinking approach, where it aims not only to grow its sales numbers but also to strengthen its market position as a leader in both innovation and financial performance in the automotive industry. 

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