Hyundai Motor chairman reelected as executive director

Shareholders of Hyundai Motor Co. have reelected Chairman Euisun Chung as executive director for another three years, the company said Thursday.

Chung will begin his extended director role on April 1 to lead the South Korean automotive group's transition into the provider of future mobility solutions, such as autonomous driving and electric vehicles, Hyundai said.

The chairman's three-year directorship at Hyundai Mobis Co. ends in February 2023. He is expected to be reelected as executive director in Kia Corp. for another three years at a shareholders meeting on March 29.

Hyundai Motor, Kia and auto parts maker Hyundai Mobis are major affiliates of Hyundai Motor Group.

Early this month, Hyundai Motor announced its plans to invest 95.5 trillion won ($79 billion) in facilities, R&D activities and other strategic purposes by 2030.

Of the planned investments, Hyundai will spend 43.6 trillion won on facilities, 39.1 trillion won on R&D projects and 12.8 trillion won on strategic programs to morph into a future mobility solutions provider.

Hyundai plans to release at least 17 zero-emission models -- 11 from Hyundai and six from its independent Genesis brand -- in the markets by 2030. (Yonhap)