Hyundai increases battery-electric sales target

jetcityimage/iStock Editorial via Getty Images

Nomura kept a Buy rating after taking the CEO Investor Day event held by Hyundai Motor Company (OTCPK:HYMOF) earlier in the week.

Analyst Angela Hong and team identified key points from the presentation including that the company's updated 2030 BEV sales target which is seen as increasingly aggressive over the one disclosed in late 2020, long-term margin guidance and the new vision from the Japanese automaker in software capabilities.

"Hyundai's 2030 BEV sales target at 36% of global sales is roughly double the previously announced figure. At the 2020 CEO Investor Day, Hyundai had announced its BEV sales target at 18% of global sales by 2030. However, the company now expects BEV sales to record a 33% CAGR in 2021-30 and expects BEVs to constitute 36% of global sales by 2030. We are positive on the increased targets, although they are still relatively conservative vs peers (e.g., Ford and BMW aim to fill up to 40-50% of their global sales with BEVs by 2030)."

Ealier this week: Hyundai U.S. retail sales up 19% in February.