11 Dec 2020
Posted in Automotive
Hyundai set to secure its position in next-gen mobility space with updated business strategy, says GlobalData
Following the news that Hyundai Motor has updated ‘Strategy 2025’ to accelerate transition into smart mobility solution provider;
Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers his view:
“Hyundai in the recent past has emerged as a key global automotive OEM with omnidirectional strategic approach. Despite being impacted by COVID-19, the company has made several key developments this year in the area of future and smart mobility solutions through collaboration, partnerships, investments and new product launches across next-gen, EV and smart mobility areas. The update to the strategy announced in last December brings in H2 solutions i.e., hydrogen fuel-cell based vehicles as a third business pillar for Hyundai after smart mobility device and smart mobility services.
“The strategy update for 2025 indicates that Hyundai is being very responsive to the dynamic market trends. The company’s focus on electric mobility will support various regional governments’ electrification targets and also help Hyundai to achieve its goals of selling 560,000 EVs annually by 2025. In addition, the company’s increased focus on next-gen mobility i.e., autonomous vehicles, urban air mobility (UAM) and hydrogen fuel cell vehicles will strengthen its roots in the smart mobility solution and services and offer significant competitive benefits in the global automotive market.
“With the automotive industry getting more dynamic day by day due to the fast technological advancements, companies need to transform their business strategies to secure their position in the future mobility era, Hyundai seems to be well on track in this direction. The recent developments, which include the introduction of new hydrogen cell brand HTWO, the acquisition of majority stakes in leading robotics company, launching of new dedicated EV platform E-GMP and many others will support Hyundai in achieving its future target of becoming a leading global smart mobility service provider.”