'The Jeong Eui-sun Era' Begins... Hyundai Motor Accelerates Future Mobility

On the 14th Board Meeting, Vice Chairman Chung Eui-sun Appointed as New Chairman
Likely to Accelerate Transition to Future Mobility Businesses Including Electrification

Hyundai Motor Group Vice Chairman Chung Euisun is delivering a New Year's address at the 2020 Hyundai Motor Group Kick-off Ceremony held at Hyundai Motor Company headquarters in Seocho-gu, Seoul, on the 2nd. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Ji-hee] If Chung Eui-sun, Senior Vice Chairman of Hyundai Motor Group, is appointed chairman at the emergency board meeting on the 14th, it is expected that the shift toward future mobility-centered business that he has been promoting will gain even more momentum.

Since his promotion to Senior Vice Chairman in September 2018, Chung has been dedicated to transforming the business structure to focus on future growth engines. Earlier this year in January, Hyundai Motor, Kia Motors, and Hyundai Mobis announced a large-scale investment plan to inject 100 trillion won into securing future business capabilities.

Amid the upheaval in the global automotive industry, under the goal of shifting the business focus to future mobility, the group has boldly broken away from ‘pure-blood’ practices and actively recruited external talent, undertaking fundamental structural reforms. A representative example is the recruitment of Dr. Shin Jae-won, formerly of NASA, as Vice President of the Urban Air Mobility (UAM) division.

The core of Senior Vice Chairman Chung’s future business strategy can be summarized as electrification and mobility. He has repeatedly expressed his ambition to develop Hyundai Motor Group into a ‘smart mobility solutions’ company. Smart mobility solutions revolve around UAM, Purpose-built Air Vehicles (PAV), and mobility transfer hubs (Hub). Earlier this year at CES 2020, Senior Vice Chairman Chung announced a strategic partnership with Uber in the UAM sector and shared a blueprint to commercialize UAM by 2028.

Starting next year, Hyundai Motor Group’s electrification strategy will be in full swing. Hyundai plans to sequentially launch vehicles under the ‘Ioniq’ brand, based on the dedicated electric vehicle platform E-GMP, beginning early next year. Through this, the group aims to sell 1 million electric vehicles by 2025 and achieve a global market share of over 10%.

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