Hyundai Motor Group Executive Chair Euisun Chung Outlines ‘Sustainable Growth through Consistent Change’ in New Year’s Message

• Hyundai Motor Group celebrates New Year at Kia AutoLand Gwangmyeong, the first dedicated EV factory in Korea
  • Executive Chair Euisun Chung and other Group executive share New Year’s message and vision for robotics, AAM and electrification
  • Kia AutoLand Gwangmyeong evolves from Korea’s first comprehensive automotive plant to an electrification innovation hub
• Consistent change to provide flawless customer satisfaction
  
  • “Customers always want better products and services, so we can never be satisfied with where we are today and must strive to become better
  • “Consistent change is the key to innovation, which needs creativity” 
  • “We need to foster a corporate culture that encourages innovation and challenge, and not fear failure”
• Sustainable growth for the future, customers and humanity
  
  • Social responsibility for the environment: strengthening carbon-neutral activities, such as hydrogen ecosystem and revitalizing circular economy
  • Quality: satisfying and impressing customers with the highest quality products and differentiated values
  • Security awareness: strengthening the security systems of intellectual assets, directly related to success and the source of sustainable growth
• Executive Chair Chung calls for a corporate culture of ‘preparation’ to make swift and agile decisions

Hyundai Motor Group (the Group) held its 2024 New Year address today at Kia AutoLand Gwangmyeong, the first dedicated electric vehicle (EV) plant in Korea, looking forward to the year ahead and outlining the Group’s key areas of focus.

Under the theme ‘Together, a Valuable Start,’ Hyundai Motor Group Executive Chair Euisun Chung and executives from the Group’s affiliates shared New Year’s messages and the Group’s future vision.

In his New Year’s message, Executive Chair Euisun Chung highlighted:

Chung stressed that ‘consistent change’ and ‘sustainable growth’ are the key words for the Group’s success in the face of increasing global uncertainty and growing competition.

Focusing on 2024 and beyond, Chung said, “I am excited about the series of innovations in electrification that will start here at AutoLand Gwangmyeong, the Group’s first EV-dedicated plant, and expand to Ulsan, the United States and beyond.

The Group will complete the redevelopment of the Kia AutoLand Gwangmyeong EV Plant in the second quarter of this year, which will produce the brand’s EV3, a compact EV, for domestic and international sales. Subsequently, Hyundai Motor Group Metaplant America (HMGMA), Kia’s AutoLand Hwaseong EV Plant, and the Hyundai Motor Ulsan EV Plant will be brought online sequentially to introduce innovative EVs to the global market, with an overall Group strategy to become a top three global EV manufacturer by 2030.

Executive Chair Chung added that he is particularly pleased that the Group’s ‘challenging spirit’ has been passed on like a timeless medal, originating with Founding Chairman Ju-yung Chung and continued by Honorary Chairman Mong-Koo Chung.

Referring to the Group’s ability to overcome numerous crises, Executive Chair Chung emphasized the importance of a healthy character for its companies.

Flawless customer satisfaction through consistent and constant change

Chung outlined the importance of consistent change for the clearly established rationale of the Group – its customers.

Stressing the need for creative thinking and a challenging spirit to achieve the Group’s commitment to consistent change, Chung outlined that “We need to foster a corporate culture that actively encourages innovation. We must not fear failure but be weary of not trying.

Sustainable future growth for customers and humanity

Reinforcing the Group’s vision for a better planet, Executive Chair Chung also highlighted that “Through consistent innovation, we can achieve sustainable growth. This is a mission that we must realize not only for our customers and company, but for humanity.”

Chung emphasized that the Group would focus on sustainable growth by embracing social responsibility for the environment, prioritizing customer satisfaction and trust through high-quality products and services, and instilling a sense of security to safeguard competitiveness in the future.

Commenting on the Group’s environmental responsibilities, Chung said, “Humanity has always been concerned with sustainability for its own survival, but we must redouble our efforts now,” and insisted, “We must take greater interest in carbon neutrality and the circular economy for the sustainable progress of humanity.

The Group holds the distinction of being the world’s first organization to commercialize hydrogen fuel cell EVs and utilize hydrogen energy effectively. Furthermore, the Group is developing a hydrogen business ecosystem, encompassing the entire lifecycle, from hydrogen production to transportation, storage, and utilization through connecting the hydrogen business capabilities of each Hyundai affiliate.

Hyundai Engineering & Construction (E&C) is rapidly advancing its renewable energy power brokerage and trading business, as well as the construction of next-generation nuclear power plants, including small nuclear reactors.

Meanwhile, Hyundai Motor and Kia are actively working to reduce carbon emissions in their manufacturing processes. This involves a significant increase in the usage of renewable energy, including the implementation of solar power generation systems at both domestic and overseas production sites, to become carbon-neutral by 2045. Hyundai Motor and Kia also recently signed a long-term power purchase agreement (PPA) with Hyundai E&C to procure solar renewable energy.

The group is actively fostering a circular economy, establishing a domestic and international cooperation system to create a circular ecosystem for EV batteries and expanding the use of recycled plastics.

In the pursuit of sustainability, Executive Chair Chung also underscored the levels of customer satisfaction and trust that stem from significant quality.

This strongly indicates the need to form and uphold a consensus that security is a critical issue linked directly to success across all areas of the Group.

Preparation key to accurate and agile decision making

Executive Chair Chung concluded by focusing on the importance of a ‘culture of preparedness.’

His address emphasized the importance of constantly learning and preparing for changing future trends, new technologies, and economic and social shifts so that the Group can proactively respond to crises by making quick decisions.

Chung restated his belief in the Group’s employees’ ability to meet the challenges he outlined:

This year’s ceremony to highlight the Group’s focus for the year ahead was held at Kia AutoLand Gwangmyeong, a facility that embodies constant change and innovation.

Kia AutoLand Gwangmyeong was established in 1973 as Korea’s first integrated automobile factory with a conveyor belt production process, ushering in the era of full-scale automobile production in the country. In the first half of this year, Hyundai will complete the construction of Korea’s first dedicated EV factory at the site, writing a new chapter in the history of future mobility.

This year also marks the 80th anniversary of Kia’s founding and the 50th anniversary of the launch of Kia’s first passenger car, the Brisa, which was produced at Kia AutoLand Gwangmyeong.

Following Executive Chair Chung’s New Year address, Kia President Ho Sung Song explained the dedicated EV plant at Kia AutoLand Gwangmyeong and the factory’s operation plan to employees; AAM (Advanced Air Mobility) Headquarters President Jaiwon Shin presented the mid- and long-term plans for AAM; and head of the Global Strategy Office (GSO) and Executive Vice President Heung-soo Kim presented the Group’s for robotics.