Hyundai Motor Co., South Korea’s largest automaker, plans to strengthen the competitiveness of its electric vehicle (EV) business and actively pursue its software-defined vehicle (SDV) vision this year, its chief executive said Thursday.

At an annual meeting of shareholders, Hyundai Motor CEO and President Chang Jae-hoon said the automaker plans to “pursue the transition to its SDV system” and also enhance the fundamental competitiveness of its EV business.

Chang expressed concerns over intense competition within the auto industry for cost competitiveness, noting that rival companies have initiated aggressive price cuts on their EV models.

The CEO pledged to secure cost competitiveness through the integration of internal components, as well as through design and manufacturing process innovations.

Chang added the company “will achieve fundamental cost savings for EVs through the streamlining of product lineups and strengthening value chains in emerging markets.”

Source: Yonhap News Agency