Hyundai Motor chief marks 4th anniversary, drives future mobility vision
Hyundai Motor Group Executive Chair Chung Euisun delivers a New Year address at its electric vehicle manufacturing facility in Gwangmyeong, Gyeonggi Province, Jan. 3. Courtesy of Hyundai Motor Group
Chung Euisun, since taking office as executive chair of Hyundai Motor Group in October 2020, has earned recognition for his innovative leadership, elevating the company to a top-tier global mobility player over the past four years.
Under his guidance, the group’s three carmakers — Hyundai Motor, Kia and Genesis — have seen remarkable growth in both sales and brand value worldwide. In 2022, Hyundai Motor Group became one of the world’s top three carmakers by sales volume, a position it has successfully maintained for three consecutive years.
Additionally, this year, the group achieved another noteworthy achievement by winning AAA ratings from the top three global credit rating agencies — S&P, Moody’s and Fitch — on its financial soundness and stable business portfolio spanning sales of electric vehicles (EV), hybrids and internal combustion engine vehicles.
In August, S&P spoke highly of the group’s enhanced footing in key global markets, such as North America, and its success in reorganizing its product mix focusing on SUVs and premium cars in line with customer demand.
“Hyundai Motor Group has pushed for disruptive innovation and pursued balanced growth between traditional business areas and new growth sectors since Chung took office as chairman in 2020,” a Hyundai spokesman said.
Hyundai Motor Group Executive Chair Chung Euisun, third from right, poses with a group of the carmaker’s employees in Delhi, India, after holding a town hall meeting at the group’s office in this photo taken in May. Courtesy of Hyundai Motor Group
Hyundai Motor Group is particularly differentiating itself with its diversified vehicle portfolios. The company places its strategic focus on preoccupying the global EV market, while at the same time making huge investments in future mobility, such as hydrogen-powered vehicles.
Data also indicated the group’s robust presence in the United States. In the first half of 2024, Hyundai Motor and Kia sold a total of 61,883 EVs in the U.S., up 60.9 percent from a year earlier. This enabled the group to become the second-largest EV maker there by market share following Tesla.
Hydrogen energy is another major portfolio for the group’s future mobility business. In the first half of this year, the group earned the title as the world’s top hydrogen vehicle manufacturer. The company unveiled its plan to invest a total of 5.7 trillion won ($4.21 billion) over the next 10 years to strengthen its presence in the hydrogen value chain, aiming to solidify its position as the world’s leading carmaker in the area.
The group also spares no efforts in its preemptive investments in next-generation mobility, such as software-defined vehicles (SDVs) and purpose-built vehicles (PBVs). Supernal, the group’s advanced air mobility (AAM) arm, seeks to commercialize its latest S-A2 all-electric passenger aircraft by 2028 in Korea and the U.S.