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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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Hyundai Motor heir takes over from father after 20 yrs in waiting

10/13/2020 | 08:21pm EDT

* 49-year-old Chung appointed as Hyundai Motor Group chairman

* Hyundai Motor latest S.Korean chaebol to undergo succession

* Chung pushes for autonomous cars, EVs, flying cars

SEOUL, Oct 14 (Reuters) - Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars.

In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry.

"Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees.

Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) - industry jargon for flying cars - as his initiatives for the future.

Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.

LEGACIES

Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman.

Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously.

The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s.

His father took the wheels of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker.

The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year.

Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman.

Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab.

In July Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Legacy automakers with similar ambitions face a growing threat from Tesla Inc, which has become the most valuable automaker. Hyundai recently said it plans to recall its top-selling EVs because of battery fire risks.

Euisun Chung does not have a major stake in Hyundai Mobis , an affiliate seen as key to control of the group, and is expected to renew the push for ownership restructuring to cement his influence after a previous attempt in 2018 met shareholder opposition.

Chung is credited with steering the turnaround of Kia Motors by hiring former Audi designer Peter Schreyer. As vice chairman of Hyundai Motor, he also launched the luxury brand Genesis in 2015. (Reporting by Hyunjoo Jin and Joyce Lee; Editing by Stephen Coates)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APTIV PLC 3.28% 167.65 Delayed Quote.28.67%
HYUNDAI CORPORATION 1.53% 19850 End-of-day quote.24.45%
HYUNDAI MOBIS CO.,LTD 0.18% 273000 End-of-day quote.6.85%
HYUNDAI MOTOR COMPANY -0.22% 222000 End-of-day quote.15.63%
KIA CORPORATION 0.23% 86300 End-of-day quote.38.30%
TESLA, INC. 4.69% 677.35 Delayed Quote.-4.01%
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Financials
Sales 2021 118 276 B 103 B 103 B
Net income 2021 6 171 B 5,38 B 5,38 B
Net Debt 2021 69 470 B 60,6 B 60,6 B
P/E ratio 2021 9,00x
Yield 2021 1,79%
Capitalization 47 004 B 41 165 M 40 987 M
EV / Sales 2021 0,98x
EV / Sales 2022 0,91x
Nbr of Employees 70 388
Free-Float 70,8%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 222 000,00 KRW
Average target price 308 700,00 KRW
Spread / Average Target 39,1%
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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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