Hyundai chief urges company to overcome uncertainty

Hyundai Motor Group Chairman Chung Mong-koo on Monday urged the company to strive to overcome the uncertain business environment and achieve the group’s sales target of 8.25 million cars in the new year.

“Trade protectionism is spreading and competition in the auto industry is intensifying, raising business uncertainty” Chung warned Monday during a New Year’s meeting. “We will have agile and flexible responses to changes in the external environment by ensuring internal stability and responsible management.” 

The company will overcome the challenging business environment by improving the competitiveness of its products, Chung said. The group will enhance the quality of its luxury sedans and new energy vehicles, and introduce more than 10 new models every year.

The group aims to sell 8.25 million units of Hyundai and Kia cars in the new year by pioneering new markets through its 35 production plants in 10 countries, with more vehicles tailored to local markets. It will also expand its lineup of sport utility vehicles and new energy vehicles, according to the company.

The group on Monday said that Hyundai and Kia sold a combined 7.88 million cars in 2016, falling far short of its goal of 8.13 million.


By Park Ga-young (gypark@heraldcorp.com)