Hyundai Motor chairman marks 3rd year of record earnings
简介Hyundai Motor Group is expected to post record earnings this year, breaking its own record for the t ...
Hyundai Motor Group is expected to post record earnings this year, breaking its own record for the third year in a row since Chairman Chung Euisun took the helm of the world's third largest carmaker in 2020.
Hyundai and its smaller affiliate Kia are projected to post 260.8 trillion won ($192.5 billion) and 26.6 trillion won in sales and operating profits this year, according to estimates by market tracker FnGuide. Both figures stand at an all-time high.
Since Chung took up leadership, the auto giant’s yearly revenue surged 37 percent to 229.9 trillion won as of last year, while operating profits doubled to 17.5 trillion won during the same period. Last year, the carmaker also won the No. 3 title in the global automotive market, selling 6.85 million vehicles.
In the January-September period this year, it sold over 5.48 million vehicles, an 8 percent jump from a year ago. Its premium Genesis brand, in particular, hit the 1 million mark in global sales, a feat for the carmaker that had long been considered a quality, budget car brand.
Industry watchers agree that Hyundai’s stellar performance is the outcome of Chung’s aggressive business strategy to diversify its product lineup, ranging from cost-effective cars to value-added futuristic models. Chung is especially credited with leading the launch of the Genesis brand in 2015, recruiting top designers from Bentley.
Under the ambitious goal to sell over 2 million electric cars worldwide by 2030, Chung has more recently made a big push for clean mobility. Although Hyundai and Kia cars became ineligible to receive EV subsidies following Washington’s Inflation Reduction Act, the carmaker expanded the electric car lease business to secure footing in the all-important US market. It also vowed to speed up the construction of an EV manufacturing plant in Georgia within the next year.
In the third quarter, Hyundai and Kia’s eco-friendly cars, including hybrid and battery-powered car sales in the US, skyrocketed 93 percent and 95.4 percent to a record-high of 46,794 units and 33,305 units, respectively.
Bold investments in future technology show Chung’s commitment to making Hyundai Motor Group a prime mover in mobility innovation. Under a 1-trillion-won deal, the auto giant acquired American robotics company Boston Dynamics in June 2021. Last year, it invested a total of 1.45 trillion won and added a new subsidiary called 42dot, an autonomous vehicle startup in Korea, in a move to boost its software-defined vehicle business.
But Hyundai chairman’s push to defend the world’s top 3 title is not without challenges. The company said it needs a breakthrough in the Chinese business that has been dwindling ever since 2017, a year after when China started to take retaliatory measures against Korea for its decision to deploy a US-made missile defense system.
Of the five production bases in China, Hyundai has either sold or plans to sell off three manufacturing plants in Beijing, Chongqing and Changzhou. After improving the production efficiency of the remaining two plants, it looks to focus on manufacturing profitable Genesis cars and SUVs.
“We also plan to roll out cost-competitive and high-quality electric cars in China, one of the largest EV markets and restore our reputation there,” said the company official.
Improving corporate culture is another pressing issue for the company as it seeks to welcome new ideas and boost work performance. The chairman stressed in his New Year's message that he will make efforts to overhaul the status quo and build a progressive and flexible working environment.
“Compared to his father Chung Mong-koo (the honorary chairman), Chung has shown a more open (style of) leadership by joining hands with automotive software and chip companies to adapt to the fast-evolving mobility market,” said Kim Pil-su, a car engineering professor at Daelim University. “He has expanded Hyundai’s global presence with internal combustion engine cars and the Genesis brand, and is creating a strong foothold as the first mover in the EV market.”
K-pop boy group Seventeen is adorning five different cities in Japan through The City, a project whi ...
The Hic Et Nunk music festival, which strives to focus on subtly changing trends in the classical mu ...
K-pop girl groups NewJeans and Ive were awarded a national culture merit on Saturday for their role ...
- McKinsey names 2 new partners at Seoul office
- STX issues new shares worth W80b to expand global business
- S. Korea reports additional cases of lumpy skin disease in cattle
- [Herald Review] Stray Kids perform new standard of '5
- BTS to open new chapter after military service
- STX issues new shares worth W80b to expand global business
[Contribution] Future of agriculture
Artifacts with inaccurate information removed from Korean exhibition in Germany
Seoul shares open almost flat amid geopolitical tensions, rate woes
Kangwon Land's wellness facilities offer quiet retreat
'Violent crimes induced by noise disputes increased tenfold since 2016'
[Exclusive] Asia's Tang Contemporary Art to open first Western outpost in London
- Animal shelter busted for killing and burying hundreds of pets
- US approves possible sale of SM
- Samsung Bioepis to develop MSD's Keytruda biosimilar
- Russian delegation arrives in Pyongyang for trade, science talks: KCNA
- Soyeon, Winter, Liz's collaborative song 'Nobody' comes out Thursday
- [Today’s K
- Seoul shares close higher as US inflation softens
- N. Korea tests newly developed solid
- Prix Medicis winning Han Kang wants next novel to be like 'spring'
- S. Korea, US revise deterrence strategy amid growing NK threats
- Olympic medalist ‘tricked’ by fiance
- Cirque Du Soleil mesmerizes Seoul with 'Luzia: A Waking Dream of Mexico'
- 윤 대통령, 4박 6일 사우디·카타르 순방 마치고 귀국
- [KH Explains] A look back on Lee Jae
- Seoul expected to be one of most sought
- Seventeen 1st K
- Meta fails to provide communication channel in Korea: lawmaker
- Han Kang's novel shortlisted for 2 prestigious French awards
- SK Pharmteco bets big on cell, gene therapy
- LG Electronics to bolster local strategies, B2B push to widen gap with Chinese rivals
- Supreme Court dismisses Buseoksa's appeal in Bodhisattva statue ownership dispute
- Posco, HBIS Group complete steel sheet plant in China
- Samsung Biologics quarterly sales hit W1tr for first time
- Prestige Biopharma eyes complete value chain
- NiziU wins best pop video at MTV VMAJs
- Koreans well equipped to overcome global economic turmoil, says ex
- Hyundai Motor’s yearly earnings hit record
- Yoon meets disgraced ex
- [Life In Korea] Delivering 'taste of life' via street art
- Revamped 'Sister Act' with diverse cast gets ready for international premiere