Hyundai reveals plans that may include a "Personal Aerial Vehicle."
South Korean automaker Hyundai is jumping on the "smart mobility" bandwagon already occupied by the likes of Ford and General Motors, unveiling plans to dive into the emerging market of mobility services. The company's new gameplan, officially dubbed "Strategy 2025," will focus on two "core business pillars" in particular: Smart Mobility Device, and Smart Mobility Service.
At its most intriguing, Hyundai's Strategy 2025 business plan includes developing an enigmatic "Personal Aerial Vehicle" - PAV for short. The company has shared no details about what such a device might look like, but we don't imagine Hyundai is about to start selling jet packs en masse. Unfortunately.
Hyundai will also explore new opportunities in robotics and last-mile mobility devices - small, personal transport devices meant to bridge the gap between where a commuter parks and their final destination. Less fantastical in nature, the Smart Mobility Device portion of Hyundai's plan also details plans for further expansion into vehicle electrification, building on the groundwork laid by the Hyundai Ioniq EV and Kona EV battery-electric vehicles, and the Nexo fuel-cell crossover.
The specifics: Hyundai plans to introduce affordable new battery-electric vehicles aimed at younger demographics and enterprise customers first and foremost, in the hopes of achieving economies of scale to bring costs down. The goal is 670,000 annual EV sales by 2025, split into 560,000 battery-electric and 110,000 fuel-cell vehicles.
Hyundai's up-market Genesis brand, whose current products include the Genesis G70, G80, and G90, will get its first pure EV models in 2021.
As for Hyundai's Smart Mobility Service plans, the automaker is investigating opportunities to create an "integrated mobility platform," with plans to launch demo car sharing and autonomous robotaxi services in the US. In addition, Hyundai will leverage data collected using in-car connectivity to enable services related to shopping, delivery, streaming, and multi-modal mobility - that is, transportation utilizing a variety of different means, from cars to buses to subways.
From 2020 through 2025, Hyundai expects to invest some $17 billion USD into future technologies like electrification, autonomy, and the aforementioned PAV. Another $34.5 billion will go toward boosting the automaker's competitiveness in existing business areas, and about $250 million will be used to buy back shares from the market.
Time will tell if the gambit is going to pay off, but with so many other mainstream automakers devoting significant sums of capital to smart mobility solutions, Hyundai is almost obligated to follow suit.