Hyundai Motor Group chairman Chung Mong-koo on Friday pledged to nurture the Kia brand into a more competitive global player through additional investment, especially for environment-friendly vehicles.
During a shareholders’ meeting on Friday in Seoul, Kia Motors set this year’s sales target at 2.75 million vehicles globally, up 300,000 from last year.
“The business environment will be tough both in Korea and abroad this year. We will continue brand innovation through quality products,” Chung said in a written speech to the company’s shareholders on the day.
“We will expand investment to secure future growth engines,” he said, pledging an increased budget for the development of environment-friendly cars and electronic-control technologies as well as for nurturing talented human resources.
The Hyundai-Kia chief reemphasized: “The current crisis can become a new opportunity.”
Despite the negative business environment last year, Kia Motors, an affiliate of Hyundai Motor, recorded 7 percent growth in sales from the previous year.
“This year will be crucial for Kia in becoming a global carmaker that produces and sells more than 3 million vehicles,” said Kia’s vice president Lee Hyung-keun on the sidelines of the shareholders’ meeting.
On Friday, Kia shareholders also named again Chung’s son Eui-sun, who is vice chairman of Hyundai Motor, to the company’s board of directors.
The junior Chung currently serves as a board member at six of the Korean auto giant’s affiliates: Hyundai Motor, Kia Motors, Hyundai Mobis, Hyundai Steel, Hyundai Autoever and Hyundai NGV.
By Lee Ji-yoon (
jylee@heraldcorp.com)
