Our mission this year will be 'Consistency and Sustainability', declared Euisun Chung, Executive Chair, Hyundai Motor Group. 'This is about consistently strengthening our capabilities, which will allow us to scale any challenges and achieve sustainable progress,” he said.
He was speaking at the Group's New Year address held at Kia AutoLand Gwangmyeong, the first dedicated electric vehicle (EV) plant in Korea. He was outlining the Group’s key areas of focus.
Under the theme ‘Together, a Valuable Start,’ Hyundai Motor Group Executive Chair Euisun Chung and executives from the Group’s affiliates shared the Group’s future vision.
Chung stressed that ‘consistent change’ and ‘sustainable growth’ were the key words for the Group’s success in the face of increasing global uncertainty and growing competition.
Focusing on 2024 and beyond, Chung said, “I am excited about the series of innovations in electrification that will start here at AutoLand Gwangmyeong, the Group’s first EV-dedicated plant, and expand to Ulsan, the United States and beyond.'
The Group will complete the redevelopment of the Kia AutoLand Gwangmyeong EV Plant in the second quarter of this year, which will produce the brand’s EV3, a compact EV, for domestic and international sales. Subsequently, Hyundai Motor Group Metaplant America (HMGMA), Kia’s AutoLand Hwaseong EV Plant, and the Hyundai Motor Ulsan EV Plant will be brought online sequentially to introduce innovative EVs to the global market, with an overall Group strategy to become a top three global EV manufacturer by 2030.
“Last November, I was conferred the Most Excellent Order of the British Empire as Honorary Commander (CBE) in recognition of my contributions to strengthening the cooperation and friendship between the U.K. and the Republic of Korea,” said Chung, adding, “It is the same Order that was bestowed upon the Founding Chairman Ju-yung Chung, who laid the foundation of the Hyundai-UK partnership in the 1970s.”
Chung said he was particularly pleased that the Group’s ‘challenging spirit’ had been passed on like a timeless medal, originating with Founding Chairman Ju-yung Chung and continued by Honorary Chairman Mong-Koo Chung.
Referring to the Group’s ability to overcome numerous crises, he emphasised the importance of a healthy character for its companies.
“Weakness will make you stumble but strength allows you to maintain your balance, defy the odds and come out stronger. A company should do the same by making continuous efforts to strengthen itself,” he said.
“Oftentimes it is a painful process,” he said. 'But it is absolutely necessary in order to succeed. Only when we, as a company, strengthen ourselves can we conquer our challenges and lay the foundation for sustainable growth,” he added.
Flawless Customer Satisfaction Through Consistent And Constant Change
Chung outlined the importance of consistent change for the clearly established rationale of the Group – its customers.
“Consistent change is the key to innovation,” said Chung, adding, “The act of stepping out of your comfort zone may seem unsettling at first, but it is proof that you are actually moving in the right direction.”
Stressing the need for creative thinking and a challenging spirit to achieve the Group’s commitment to consistent change, Chung outlined that “We need to foster a corporate culture that actively encourages innovation. We must not fear failure but be weary of not trying. The best strategy is earning the full trust of our customers, not quickly following our competitors,” he added. “I urge you to stay competitive by harnessing creativity in all areas of our corporate activity encompassing the quality, safety and cost competitiveness of our products and services,” he said.
Sustainable Future Growth For Customers And Humanity
Reinforcing the Group’s vision for a better planet, Chung also highlighted that “Through consistent innovation, we can achieve sustainable growth. This is a mission that we must realise not only for our customers and company, but for humanity.” Chung emphasised that the Group would focus on sustainable growth by embracing social responsibility for the environment, prioritising customer satisfaction and trust through high-quality products and services, and instilling a sense of security to safeguard competitiveness in the future.
Commenting on the Group’s environmental responsibilities, Chung said, “Humanity has always been concerned with sustainability for its own survival, but we must redouble our efforts now,” and insisted that “We must take greater interest in carbon neutrality and the circular economy for the sustainable progress of humanity.
“We can help nurture a global hydrogen ecosystem and strengthen carbon-neutral activities through our Small Modular Reactors and clean energy solutions. In addition, we can take the lead in social responsibility as a global enterprise, by revitalising the circular economy that recycles resources, such as EV batteries,” he said.
The Group holds the distinction of being the world’s first organisation to commercialise hydrogen fuel cell EVs and utilise hydrogen energy effectively. Furthermore, the Group is developing a hydrogen business ecosystem, encompassing the entire lifecycle, from hydrogen production to transportation, storage, and utilisation through connecting the hydrogen business capabilities of each Hyundai affiliate.
Meanwhile, Hyundai Motor and Kia are actively working to reduce carbon emissions in their manufacturing processes. This involves a significant increase in the usage of renewable energy, including the implementation of solar power generation systems at both domestic and overseas production sites, to become carbon-neutral by 2045. Hyundai Motor and Kia also recently signed a long-term power purchase agreement (PPA) with Hyundai E&C to procure solar renewable energy.
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