Ha Eontae, President of Hyundai Motor, "This Year Will Be the First Year of Turnaround" Shareholder Letter

Improvement of China and Commercial Business - Proposing Leadership in the Electric Vehicle Market, etc.

[Asia Economy Reporter Yu Je-hoon] Ha Eontaek, President of Hyundai Motor Company, stated in a shareholder letter ahead of the regular general meeting of shareholders on the 24th, "We will make this year the first year of business turnaround."

According to Hyundai Motor on the 16th, President Ha said in a recent letter to shareholders, "Hyundai Motor will build on the qualitative growth achievements made last year, while fundamentally enhancing quality competitiveness, actively improving the China and commercial vehicle businesses, and securing global electric vehicle (EV) market leadership."

Regarding last year's performance, President Ha said, "Despite COVID-19, we expanded our global market share to 5.3% through the establishment of a company-wide crisis response system and proactive measures in recovering markets, and our models were recognized in the market for their excellent product competitiveness."

He added, "In terms of future business, to secure competitiveness in purpose-built mobility (PBV), we made investments in Arrival, a commercial electric vehicle company, and through proactive investments in future businesses such as the acquisition of Boston Dynamics, a robotics specialist company, we laid the foundation for portfolio diversification."

Regarding this year's management environment, President Ha said, "We expect a challenging business environment to continue due to concerns over virus resurgence, polarization in automobile demand recovery between countries, the spread of untact consumption culture, and the sustained strength of the Korean won," and emphasized continuing qualitative growth.

He also stated that shareholder-centered management will continue, saying, "At this year's general meeting of shareholders, we are making efforts to enhance the diversity and independence of the board of directors and establish a transparent decision-making system, including the first-ever appointment of a female outside director."

Furthermore, he said, "At this year's general meeting of shareholders, we plan to promote online broadcasting for shareholder convenience amid the COVID-19 situation," and added, "We will continue to make persistent efforts to strengthen shareholder-centered management going forward."

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