Shinhan Financial Investment maintained Hyundai Motor’s target stock price of 270,000 won and investment opinion purchases on the 3rd.
Hyundai Motor held the 2022 CEO Investor Day the previous day and announced its plan to achieve 1.87 million global electric vehicle sales and 7% market share by 2030. Hyundai Motor’s sales of 140,000 electric vehicles in 2021.
To this end, Hyundai Motor unveiled a procurement plan and next-generation design strategy for 170GWh of battery demand. E-GMP, an electric vehicle platform that has been proven to be commercialized by the success of Ionic 5, plans to evolve into an “integrated modular architecture” in the future to achieve space utilization, cost decline, and performance improvement.
It also allocated 12 trillion won to software-related investments over the next nine years. This accounts for 30% of Hyundai Motor’s future business investment. This is because access to software is also becoming important in terms of the functionality of automobiles, and in a larger sense, the business model itself is likely to switch to software-based.
Jeong Yong-jin, a researcher at Shinhan Financial Investment, said, “It was focused on accelerating electrification and converting software to achieve eco-friendly goals. Unfortunately, there was no specific announcement on electrification production facilities, which is a market concern.”
“We expect additional information to be disclosed in the future, considering external issues such as overseas investment and labor-management cooperation,” he said.