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    A005380   KR7005380001


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Euisun Chung Inaugurated as Chairman of Hyundai Motor Group

10/15/2020 | 11:43am EST


* Chairman Mong-Koo Chung inaugurated as Honorary Chairman of the Group

* Inauguration unanimously endorsed by board members of Hyundai Motor, Kia Motors and Hyundai Mobis

* Euisun Chung has been recognized for successful leadership as Executive Vice Chairman of the Group over past two years

* Group's future direction will focus on 'customers,' 'humanity,' 'future' and 'social contribution'

* ... all activities must be customer-centric and enable customers to focus on lives

* ... contribute to humanity's dream of safe and free movement and a peaceful life

* ... realize a future of our imagination to offer a higher plane of life experiences

* ... become a company appreciated for sharing its fruits with customers

* Group will build a healthier corporate culture through employee empowerment and horizontal communication

* Euisun Chung to continue legacies of Founding Chairman Juyung Chung and Honorary Chairman Mong-Koo Chung

Hyundai Motor Group (the Group) announced today that Euisun Chung, Executive Vice Chairman, was inaugurated to the position of Chairman of the Group.

Chairman Mong-Koo Chung was inaugurated to the position of Honorary Chairman.

Hyundai Motor Company, Kia Motors Corporation and Hyundai Mobis Co. each held extraordinary board meetings today to discuss the inauguration. All members of the boards unanimously endorsed the inauguration of Euisun Chung as the new Chairman of the Group.


Hyundai Motor Group Chairman Euisun Chung

Hyundai Motor Group will open a new chapter in its history under Euisun Chung's leadership. Embracing the vision 'Together for a Better Future,' the Group will develop and acquire key technologies and capabilities to overcome market uncertainties, including COVID-19.

In his inauguration remarks, Euisun Chung presented the future direction of the Group as one focused on 'customers,' 'humanity,' 'future,' and 'social contribution.'

All of our goals and efforts must be customer-centric. The first step to customer happiness is to enable them to focus on their own lives through perfect quality of our products and services.

Euisun Chung

Chairman of Hyundai Motor Group

Over the years, Chung has stressed the customer-centric approach and customer satisfaction, and applied the concept more broadly to all of humanity.

For the free movement and prosperity of humanity, we will develop the world's most innovative and reliable autonomous driving technology, offering entirely new mobility experiences.

Euisun Chung

Chung is spearheading the Group's transformation from an automaker into a future mobility solution provider.

The Group will offer mobility solutions tailored to customer lifestyles and continue to grow its market leadership in various fields, including autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM).

The Group recently formed a venture Motional Inc. with Aptiv to develop and deploy industry-leading full autonomous driving technology. It is collaborating with partners around the globe to provide mobility services that meet the varying needs of different regions.

Furthermore, Chung foresaw the powerful possibilities of hydrogen energy and championed the growth of hydrogen ecosystem, with broad implementation of fuel cell technology beyond automobiles.

Our world-class hydrogen fuel cell technology will be used not only in automobiles, but also in various fields, as an eco-friendly energy solution for the future of humanity. We will also realize the future of our imagination through Robotics, Urban Air Mobility (UAM), Smart City and other innovations. These groundbreaking advancements will offer a higher plane of life experiences for humanity.

Euisun Chung

In his remarks, he also stressed the importance of social contribution to the communities in which the Group operates, reflecting on his long-time commitment to communities and the future generation.

Hyundai Motor Group aims to become a company cherished for realizing humanity's dream of safe and free movement and a peaceful life, as well as sharing its fruits with customers around the world.

Euisun Chung

The Group's transformation under Chung is also taking place internally, with an emphasis on flexibility and agility like that of tech companies. Under his leadership, the Group is accelerating its efforts toward a healthier corporate culture by empowering its employees and encouraging horizontal communication.

If each and every employee thinks of oneself as a pioneer, and channel that positive energy into our growth and that of our future generations, I am certain we will seize fresh opportunities out of crises. I will foster a company culture that respects communication and autonomy. I will help cultivate a creative work environment, where talents are respected and realized to the fullest.

Euisun Chung

The Group will also streamline its decision-making processes to make them more timely and transparent, and strengthen communication with the market to boost shareholder value.

Chung has been recognized for his innovative vision and for leading the Group's key businesses successfully over the past two years as the Executive Vice Chairman.

He steered the turnaround of Kia Motors' business during his tenure as President, and led the growth of Hyundai Motor amid the global financial crisis and successfully launched the luxury brand Genesis as Vice Chairman.

Mong-Koo Chung, new Honorary Chairman of the Group, recently expressed his wish to move on and asked Euisun Chung to lead the Group's future growth and innovation beyond the current challenges.

Honorary Chairman Chung is widely acknowledged for his contribution to the advancement of global auto industry, and he was inducted into the Automotive Hall of Fame in 2020.

He brought Kia Motors into the Group during the Asian financial crisis in the 1990s and turned the company into a successful global automaker. He also grew Hyundai and Kia into global automotive companies and advanced Korea as a leading nation in the automotive industry.

His key to the success of Hyundai Motor Group was making quality the number one priority. Honorary Chairman Chung established a standardized plant construction system to assure consistent high-quality production for Hyundai and Kia vehicles around the world, and built one of the world's largest research and development centers to strengthen the Group's competitiveness.

Honorary Chairman Chung also introduced a new paradigm in sustainable management with the construction of the integrated steel mill Hyundai Steel Co., which helped maximize synergy within the Group with the world's first resource circulation business structure.

Euisun Chung affirmed that he will continue and build upon the legacies of Founding Chairman Juyung Chung and Honorary Chairman Mong-Koo Chung.

Carrying on their legacies, I would like to usher in a bold new future of Hyundai Motor Group with every single one of you. There may be hurdles in our journey of entering a new future. But the spirit of Hyundai Motor Group has always made the impossible possible by encouraging optimism and team spirit.

Euisun Chung

Hyundai Motor Group Chairman Euisun Chung

Chairman Euisun Chung Profile


BA, Korea University

MBA, University of San Francisco


2018	Executive Vice Chairman, Hyundai Motor Group
2009	Vice Chairman, Hyundai Motor Company
2005	President, Kia Motors Corporation
2003	Head of Business Strategy Planning, Kia Motors Corporation

Executive Vice President, Business Planning Division at Hyundai Motor Company

2002	Senior Vice President, Domestic Sales Division at Hyundai Motor Company
1999	Director, Procurement / Sales Support Division at Hyundai Motor Company

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI FUTURENET CO., LTD -5.52% 4365 End-of-day quote.13.23%
HYUNDAI MOBIS CO.,LTD -2.58% 227000 End-of-day quote.-11.15%
HYUNDAI MOTOR COMPANY -2.43% 200500 End-of-day quote.4.43%
HYUNDAI STEEL COMPANY -2.29% 38400 End-of-day quote.-3.03%
KIA CORPORATION -1.74% 79200 End-of-day quote.26.92%
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Analyst Recommendations on HYUNDAI MOTOR COMPANY
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Sales 2021 117 136 B 98,3 B 98,3 B
Net income 2021 5 970 B 5,01 B 5,01 B
Net Debt 2021 69 635 B 58,4 B 58,4 B
P/E ratio 2021 8,37x
Yield 2021 2,04%
Capitalization 42 277 B 35 327 M 35 471 M
EV / Sales 2021 0,96x
EV / Sales 2022 0,87x
Nbr of Employees 70 388
Free-Float 70,8%
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Technical analysis trends HYUNDAI MOTOR COMPANY
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Mean consensus BUY
Number of Analysts 30
Last Close Price 200 500,00 KRW
Average target price 295 500,00 KRW
Spread / Average Target 47,4%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Co-President & Co-Chief Executive Officer
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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