Hyundai Motor aims to acquire 7% EV market

South Korean Automobile giant- Hyundai Motor Company plans to accelerate its strategy to strengthen its position in the electric vehicle market. The company has come up with a new strategic pathway to ramp up its electrification goals. This is in a bid to contribute towards a sustainable and green future. At the 2022 CEO Investor Day’ virtual forum,  Jaehoon Chang, President, and CEO of the company, and other senior executives of the company presented their plans to the company’s stakeholders. According to these officials, this plan includes enhancing BEV line-ups, manufacturing capacity optimization, and protection of hardware and software used in their vehicles. Hyundai Motors India plans to increase its market share in the Electric Vehicle market, globally. The automaker also presented its financial goals. Hyundai is going to invest KRW 95.5 trillion to fund its future business by 2030. Demand for Electic Vehicles has immensely increased since last year. United States of America, Europe, and China has emerged as the biggest market for Electric Vehicles. Currently, American Electric Vehicle giant TESLA is the biggest player in the EV industry. It currently has 14% of the market share in the global eclectic vehicle industry.