Hyundai Motor Elevates Euisun Chung To Succeed His Father As Chairman


Hyundai Motor Group introduced Wednesday that 49-year-old Euisun Chung will succeed his 82-year-old father, Mong-Koo Chung, as group chairman of the South Korean automaker.

The youthful Chung, with a internet value that Forbes estimates at $three billion, will take the helm of the world’s fifth-largest automaker amid a frightening interval of technological and financial change buffeting the transportation trade. Autonomous driving, electrification of powertrains, hydrogen gas cells, robotics and even the potential of flying automobiles are all areas through which Hyundai expects to take a position greater than it already has.

“Carrying on their daring and progressive legacies, I really feel privileged, but additionally a way of nice duty for opening a brand new chapter of Hyundai Motor Group,” Chung stated in feedback to Hyundai staff.

Euisun Chung would be the third technology of his household to guide considered one of South Korea’s largest conglomerates. His father turned chairman in 2000 when Hyundai was plagued with high quality points and struggling to keep up a foothold within the North American market.

Since then Hyundai has improved high quality of its automobile lineup and earned a fame for progressive design.

It is also within the thick of the race to develop autonomous autos, forming a three way partnership with Aptiv, a number one provider within the space of autonomous and related automobile know-how. Hyundai additionally has invested within the ride-hailing service Seize and has partnered with Uber on electrical air taxis.

Chung acknowledged in July that he desires Hyundai to seize greater than 10% of the worldwide electrical automobile market by 2025.

However first the automaker should remedy a extra instant drawback: the current recall of greater than 77,000 of its Kona EV, a few of which have skilled battery fires. The Korean newspaper Yonhap reported {that a} recall of 25,564 Konas in South Korea has been expanded to incorporate 51,000 autos in North America, Europe, China and different international locations.

One other problem confronting the brand new chief would be the way forward for its Hyundai Mobis auto elements affiliate. Presently, Hyundai Mobis has annual income of about $33 million and ranks because the world’s sixth largest auto elements provider, in response to Bloomberg.

Whereas Hyundai Mobis sells every thing from chassis, airbags, headlights, braking and steering programs and different elements to Hyundai Motors and Kia Motors, the automaker Hyundai solely owns a minority stake within the provider.

The brand new chairman is anticipated to try to acquire extra direct management over Hyundai Mobis, however a 2018 try to purchase management of the elements maker failed.

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