The Fact News Service
Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world’s fifth-largest automaker’s push into electric vehicles and flying cars.
According to a report in Economic Times, in the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea’s second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry.
Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) – industry jargon for flying cars – as his initiatives for the future.
According to ET, Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.
Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman.
(story sourced through inputs from agencies)