Hyundai chief vows to overcome upcoming challenges

Marking the first anniversary of Hyundai Motor Group’s innovation hub in Singapore, Executive Chair Chung Euisun reaffirmed his commitment to addressing deepening domestic and international uncertainties.

Alongside Chung, key executives from Hyundai Motor, including Chang Jae-hoon, president and CEO of Hyundai Motor Co., Jung Jun-cheul, executive vice president and head of manufacturing for Hyundai Motor Group, Park Hyun-sung, CEO of Hyundai Motor Group Innovation Center in Singapore, and Alpesh Patel, chief innovation officer of HMGICS, attended the town hall meeting held Thursday at HMGICS in Jurong Innovation District.

“Our journey so far has been remarkable, but the best is yet to come,” said Chung. “More challenges lie ahead next year. However, we can overcome them and exceed expectations as we have talents like you and a vision toward ‘Progress for Humanity.’ Most importantly, because we are Hyundai Motor Group.”

Chung’s message comes amid quickly growing volatility in business environments, prompted by the second Donald Trump administration’s pledge to scrap the Inflation Reduction Act, which could impact Hyundai Motor’s electric vehicle sales in the US, coupled with the recent martial law turmoil incited by South Korean President Yoon Suk Yeol.

Chung reiterated the mission of developing sustainable, innovative mobility solutions and enhancing customer experiences, stating, “HMGICS will explore new business ideas and technologies that can revolutionize future mobility.”

The initial idea to set up the tech hub dates back to 2018 when the Hyundai chief recognized the need to create a testbed to carry out research and production tailored to increasingly diverse demands in the mobility sector while actively communicating with various divisions within the group to tackle challenges. Fueled by Chung’s strong commitment to future growth, the Singapore center completed construction in November 2023.

Chang, who will be the group’s vice chair effectve on Jan. 1 next year, highlighted the role of the innovation hub in the company’s long-term growth plan and noted, “Our 2030 strategy is aimed at achieving balanced capabilities in both mobility and energy sectors. We should develop core technologies for future factories, spanning artificial intelligence, robotics and automation, and verify their effectiveness through a series of projects. The know-how accumulated during this process will become key assets for building smart factories and be applied to Hyundai Motor’s global manufacturing sites.”

HMGICS, Hyundai Motor Group’s first global innovation center, is at the forefront of developing advanced mobility solutions and manufacturing technologies. The tech hub currently produces Hyundai Motor’s flagship EVs – the Ioniq 5, the first locally built EV in Singapore, and the Ioniq 6 – both of which have received global acclaim for their design, technology and eco-friendly manufacturing.

On the same day, Jose Munoz, the newly appointed president and CEO of Hyundai Motor Co., held a town hall meeting at the company’s Seoul headquarters in Gangnam.

“We had a very lively discussion with the team at our Gangnam office about my background, approach to work and priorities. They were very gracious in response to my short introduction in Korean and I’m committed to learning more Korean in the new role,” Munoz wrote in a LinkedIn post.

“It’s an honor to serve our customers, employees, dealers, suppliers and other stakeholders in this new capacity. I’m excited and motivated by the tremendous opportunities for Hyundai and Genesis around the world,” Munoz added.