On Wednesday, Hyundai Motor Group appointed Euisun Chung as the group’s chairman, cementing his succession to the leadership of the world’s third-largest vehicle manufacturer in terms of volume from his octogenarian father Mong-koo Chung.
In the first generational handover at the South Korean automobile giant in 20 years, the group said Chung, 49 has been promoted to the chairman from executive vice chairman, hoping to lead the change in the conglomerate as it battles to stay ahead of rapid technology in the global automobile 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,” said Euisun Chung in his inauguration speech to employees.
Since September 2018, Euisun Chung has played increasingly visible leadership roles in Hyundai Motor Group, when he was promoted as executive vice chairman. He has led the group in electric vehicles (EVs), mobility and hydrogen cars.
In July, Chung said that Hyundai and Kia Motors aimed for selling 1 million EVs in 2025, trying to capture 10 per cent global market share of EVs.
Shares of Hyundai Motor were trading 0.3 per cent up and surged 2.5per cent after the appointment. Shares of Kia Motors and Hyundai Mobis were down at 1.6 per cent and 1.1 per cent, respectively.