After 20 years, Hyundai motor heir takes over from father

Newsmaker] Chung Euisun steps up to take full-fledged control of Hyundai  Motor
Euisun Chung

The Fact News Service

October 14

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)