Lee Won-hee "Overcoming COVID-19 Challenges by Securing Future Market Leadership"

[Asia Economy Reporter Kiho Sung] Lee Won-hee, President of Hyundai Motor Company, commented on this year's outlook, stating, "Due to the economic downturn caused by the spread of the novel coronavirus infection (COVID-19), difficulties are expected in almost all regions," and added, "We will approach our work with a more challenging and creative attitude to definitely achieve our business plan goals and make this year the first year to secure leadership in future markets."

In his greeting at the '52nd Annual General Meeting of Shareholders' held on the 19th at Hyundai Motor's headquarters in Yangjae-dong, Seoul, President Lee said, "Hyundai Motor achieved a historic milestone last year by reaching sales of 100 trillion won for the first time and improving operating profit by 49% compared to the previous year."

Regarding the automotive industry outlook, he stated, "Despite a slight rebound expected in emerging countries, overall industrial demand is anticipated to decline due to continued sluggishness in advanced markets such as the United States and Europe," and added, "Furthermore, regional environmental regulations are intensifying, including Europe's CO2 regulations and the implementation of new emission standards in India, while competition to secure leadership in future automotive technologies and mobility markets is expected to become fiercer."

President Lee said, "Amid these challenging external environmental changes, our company will take this year as the starting point for executing the 2025 strategy and focus on the following strategies to secure leadership in future markets," presenting four key goals: ▲ successful new car launches ▲ fundamental cost structure innovation ▲ full-scale execution of future businesses ▲ establishment of a customer-centric rapid decision-making system.

Regarding the emphasized full-scale future business through the change of business objectives on this day, he said, "To secure leadership in the electrification market, we plan to develop dedicated electric vehicle platforms and strengthen the competitiveness of core driving components," and emphasized, "In particular, hydrogen fuel cell vehicles, which possess world-class technology, will begin full-scale sales not only of vehicles but also of fuel cell systems starting this year, and we will lead the expansion of the hydrogen industry ecosystem through cooperation in related infrastructure construction projects."

This content was produced with the assistance of AI translation services.