Hyundai Motor Group Chief Stresses Resilience, Innovation in Facing New Business Challenges | Be Korea-savvy

Hyundai Motor Group Chief Stresses Resilience, Innovation in Facing New Business Challenges


Hyundai Motor Group Executive Chair Euisun Chung delivers a New Year's address to group employees in Goyang, near Seoul, on Jan. 6, 2025. (Image courtesy of Yonhap)

Hyundai Motor Group Executive Chair Euisun Chung delivers a New Year’s address to group employees in Goyang, near Seoul, on Jan. 6, 2025. (Image courtesy of Yonhap)

SEOUL, Jan. 6 (Korea Bizwire) The head of Hyundai Motor Group on Monday emphasized the importance of resilience, innovation and proactive preparation in facing future challenges expected from ongoing global risks, as well as anticipated rollbacks in the electric vehicle (EV) policies of the United States.

At a group-wide New Year’s Greetings event held at Hyundai Motorstudio Goyang, just north of Seoul, Euisun Chung, Hyundai Motor Group’s executive chair, underscored that external risks and crises should not be feared but seen as “opportunities for growth.”

“Without challenges, we risk becoming complacent, which is more dangerous than any external crisis,” Chung said in his address to employees. “External pressures can serve as catalysts for our growth.”

Hyundai Motor Co. and its affiliate Kia Corp. are bracing for a tumultuous future in their American operations, as President-elect Donald Trump’s transition team is reportedly seeking to get rid of the country’s EV tax credit program, part of the Inflation Reduction Act (IRA) introduced under the incumbent Joe Biden administration.

Chung noted that while 2024 was a relatively smooth year for the group, it is essential not to assume 2025 will be the same.

“Merely surviving cannot be a sound strategy,” he warned, adding that retreating defensively during crises would only result in preserving the status quo rather than achieving progress.

Highlighting Hyundai’s track record of overcoming past crises, Chung urged employees to embrace the challenges ahead with confidence. “Expressions like ‘the perfect storm’ should heighten our awareness and motivate us to confront challenges, not trap us in a pessimistic and defensive posture,” he said.

In outlining his vision for 2025, Chung emphasized the need to go beyond simply mitigating risks by analyzing their root causes and historical trends to turn them into growth opportunities.

Chung also pointed to Hyundai Motor Group’s appointment of its first foreign CEO, Jose Munoz of Hyundai Motor, as a testament to its commitment to innovation and inclusiveness. “Nationality, gender, educational background or tenure will not determine leadership. It will be determined by capability,” he said.

Regarding U.S. EV policy under Trump, Munoz said he doesn’t want to speculate whether benefits will stay or go, saying, “That’s something I can’t control.” The new CEO, however, stressed he was confident that the group can “find a way as always.”

In dealing with challenges, Munoz said Hyundai Motor was leveraging its strategic partnerships with American companies, such as Amazon and General Motors, to underscore the South Korean automaker’s strength and reputation.

“The Amazon partnership is a great example of how we are being proactive in improving the customer journey. So many younger people shop online, and this partnership aims to meet them where they are most comfortable on the shopping journey.”

Sung Kim, newly appointed president of external global affairs at Hyundai Motor, also shared concerns about the global implications of possible changes in Washington’s policy under the Trump administration.

“Tariffs are expected to be a prominent feature of the U.S. government’s trade policy. Adjustments to the IRA are also widely predicted,” the American diplomat-turned-businessman noted.

Sung added, “In this time of change and uncertainty, I believe we need to be more creative and agile in the way we think and operate.”

(Yonhap)

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