[New Year's Message] Chung Eui-sun "Year of Major Shift in New Growth Engines"... Emphasizing Uncompromising 'Quality and Safety'

[Asia Economy Reporter Su-yeon Woo] Chung Euisun, Chairman of Hyundai Motor Group, declared the Year of the Ox (辛丑年) as a "year of a major transition to new growth engines" and expressed his determination to realize tangible results in future new business areas.

On the 4th, Chairman Chung delivered a New Year's message containing these points through an email sent to global group executives and employees. This message included specific plans to realize the group's innovation goals such as "customers, humanity, future, and sharing," which Chairman Chung emphasized as his inaugural priorities.

Chairman Chung began by saying, "Even in a challenging management environment, the mission that all group executives and employees must unwaveringly uphold is the realization of humanity's dream of 'safe and free mobility and peaceful life'." To this end, he defined this year as "a year of a major transition to new growth engines" and urged that results must be shown in the areas of eco-friendly, future technologies, and business competitiveness.

In particular, Chairman Chung strongly emphasized "quality and safety," which are fundamental to respecting customers. He firmly stated that this is not a task for a specific department but that customer trust can only be earned when all executives and employees pursue perfection with an uncompromising attitude.

Originally, the group's New Year's meeting was scheduled to be held online on this day, but it was canceled due to the death of a subcontractor employee at Hyundai Motor's Ulsan plant the day before. Following the group's policy that condolences for the deceased come first, the planned online live New Year's meeting was replaced by an email letter sent to group company employees.

Chung Eui-sun, Chairman of Hyundai Motor Group

Chairman Chung: "This Year is a Critical Turning Point"... Emphasizes Innovation in Eco-friendly, Future Technologies, and Business Competitiveness

Chairman Chung evaluated last year's group performance by saying, "Despite the difficulties caused by COVID-19, Hyundai Motor Group received great love from the market and customers, resulting in an expanded global market position and increased corporate value."

He added that this year could be a critical turning point for Hyundai Motor Group. He stressed, "In the post-COVID era, as new social values and lifestyles spread, only companies that prepare for change in advance can survive and grow. We must take 2021 as an important turning point that determines future growth and make thorough preparations to become the first mover of the new era."

To this end, Chairman Chung presented the goal of a "major transition to new growth engines" and explained the direction of innovation including ▲expanding dominance in the eco-friendly market ▲securing future technology capabilities ▲strengthening group business competitiveness.

Hyundai Motor Group Headquarters, Seocho-gu, Seoul / Photo by Hyunmin Kim kimhyun81@

Hyundai Motor Group "Establishing No.1 Brand Position in Eco-friendly and Future Mobility"

First, to expand dominance in the eco-friendly market, he emphasized solidifying the position as a global leading eco-friendly brand. He said, "With new car launches based on the dedicated electric vehicle platform 'E-GMP,' we will provide eco-friendly mobility that is not only convenient and safe but also reflects diverse customer needs at more reasonable prices."

Hyundai Motor Group plans to consecutively launch dedicated electric vehicles equipped with E-GMP this year, starting with Hyundai Motor's Ioniq 5, Kia's compact electric vehicle, and Genesis's crossover electric vehicle. Additionally, the electric vehicle lineup will expand from the current 8 models to 23 models by 2025, aiming to sell 1 million units annually in the global market.

Rendering image of the Ioniq brand product lineup. From the left, Ioniq 6, Ioniq 7, Ioniq 5. Photo by Hyundai Motor Group

Efforts to build a hydrogen ecosystem will also be accelerated. The world's top hydrogen fuel cell system technology will be supplied not only to global automakers but also as power sources for ships, generators, and trains. The recently unveiled hydrogen energy new business brand 'HTWO' is part of this initiative. At the same time, strategic partnerships with global hydrogen, energy, and logistics companies will be pursued to secure leadership in related hydrogen businesses.

Chairman Chung also emphasized, "We will strengthen autonomous driving, connectivity, and software capabilities to implement the safest and most innovative mobility technologies," and stated, "We will continue investing in new growth areas such as UAM and robotics to thoroughly prepare for expanding new mobility domains in the near future."

Hyundai Motor Group plans to apply Level 3 partial autonomous driving technology to mass-produced vehicles in 2022 and pursue commercial autonomous driving service businesses such as robo-taxis in 2023. In next-generation software core technologies, vehicle software is being developed where driving assistance, high-precision map-linked navigation, and various connected and infotainment services closely interact.

Hyundai Motor Personal Air Vehicle Concept S-A

Development of UAM product lines covering both passenger and cargo transportation will also be accelerated. Starting in 2026 with a cargo UAS (Unmanned Aerial System) equipped with a hybrid powertrain, a fully electrified UAM model optimized for urban operation will be launched in 2028, followed by regional air mobility products connecting adjacent cities in the 2030s.

In the robotics field, together with Boston Dynamics, with which a recent equity acquisition contract was signed, Hyundai Motor Group will actively respond to global mega trends symbolized by aging and contactless lifestyles, while providing humanity with a higher level of experience and value beyond expectations. Hyundai Motor Group's wearable robot technology and production and logistics automation technologies are expected to create synergy effects combined with Boston Dynamics' innovative capabilities.

Chairman Chung emphasized, "We will rationalize the group's business portfolio and continuously discover new growth engines that align with industrial paradigm shifts to establish a sustainable growth foundation for the group."

Chairman Chung Mourns Death of Subcontractor Employee: Emphasizes "Uncompromising Quality and Safety"

Additionally, on this day, Chairman Chung emphasized customer-centered quality innovation as the top priority. He said, "All activities of Hyundai Motor Group are meaningless unless quality and safety, the first steps in respecting customers, are secured."

He continued, "Quality and safety are not tasks for specific departments alone," and earnestly urged, "Only when all executives and employees across all group divisions and subcontractors work together and pursue perfection with an uncompromising attitude can customers truly trust us." He also stressed the group's social responsibility, saying, "In daily work, always prioritize customers and humanity, maximize shareholder value, and consider how to help various neighbors and society and the environment, including our partners."

Chairman Chung also expressed sorrow and condolences regarding the death of a subcontractor employee at Hyundai Motor's Ulsan plant on the 3rd. He said, "I sincerely offer my deepest condolences and pray for the deceased's repose," and pledged, "We will mobilize all means to create a safe environment and devote full efforts to accident prevention so that such unfortunate incidents do not occur."

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