Hyundai Motor Group Executive Chair Chung Euisun gives a New Year address at the Hyundai Motor Kia Corp. Namyang R&D Center in Gyeonggi Province, Tuesday. Courtesy of Hyundai Motor Group

By Kim Hyun-bin

Hyundai Motor Group Executive Chair Chung Euisun called on employees to build trust and take a leap forward to better overcome external challenges during a New Year address held at the Hyundai Motor and Kia Corp. Namyang R&D Center in Hwaseong, Gyeonggi Province, Tuesday.

"In the wake of COVID-19, interest rates and prices have risen and exchange rate fluctuations have increased, as well as geopolitical risks such as the Russia-Ukraine war have been added. Economic uncertainty is growing," Chung said.

The chairman says despite the difficulties, he will continue to take on challenges in various fields including electrification, software and new growth engines, emphasizing there will be no effort spared regarding investment, recruitment and technological development.

Kia EV6 / Courtesy of Hyundai Motor Group

Last year the company's E-GMP-based IONIQ 5 and EV6 electric vehicles (EVs) won the World Car of the Year and European Car of the Year awards respectively, and were part of the top five in global EV sales.

"The transition has begun," he said. "We will develop and supply more advanced vehicles this year to solidify our global EV leadership and continue the transition to electrification."

Regarding the software-defined vehicles (SDV) transition promoted by the group, he said, "We must convert the entire company system, including R&D, to software-centered. We can stay ahead of the competition."

Chung also unveiled new year plans for various new businesses and plans to launch Level 3 and Level 4 autonomous vehicles on the road.

"In the field of autonomous driving, we plan to launch vehicles capable of autonomous driving (Level 3) on highways in Korea, and commercialize robotaxis equipped with Level 4 technology in North America," the chairman said.

He also explained the concept of future mobility, which aims to introduce a purpose-built vehicle (PBV) and gain the lead as a mobility service provider by developing a prototype for advanced air mobility (AAM).

In the field of robotics, the company has been steadily completing the value chain for supplying human-friendly products that support human welfare and convenience and expanding into new energy business areas such as small modular reactors (SMR).

Chung also emphasized the importance of customer trust, social trust and trust in oneself and one's colleagues.

"As we keep our basic promise of quality and safety, our customers will trust us and willingly join us for new changes and challenges," Chung said.

Regarding the social trust component, Hyundai Motor Group aims to sell only EVs with zero carbon emissions in major markets by 2040, and plans to replace 100 percent of the electricity demand at its business sites around the world with renewable energy.