[Asia Economy Reporters Kiho Sung and Jihui Kim] Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, emphasized his goal to become a global leader by selling 1 million electric vehicles and achieving a market share of over 10% by 2025.
On the 14th, Vice Chairman Chung presented Hyundai’s strategy related to the Green New Deal at the Korean New Deal National Report Conference held at the Blue House, unveiling this vision.
Dressed comfortably without a tie, Vice Chairman Chung did not attend the Blue House event in person but introduced the Green New Deal blueprint via a live broadcast from Hyundai Motorstudio located in Goyang, Gyeonggi Province, for about four minutes.
Vice Chairman Chung first revealed plans for electric vehicles. After introducing three upcoming electric vehicle models, he stated, "Next year will be the inaugural year for Hyundai Motor Group’s leap into electric vehicles," emphasizing, "This is because next-generation electric vehicles equipped with a dedicated platform exclusively for EVs will be launched."
He continued, "The next-generation electric vehicles can be charged in the world’s shortest time of 20 minutes and can run over 450 km on a single charge," adding, "Our group plans to release more than 23 electric vehicle models under the Hyundai, Kia, and Genesis brands by 2025. By 2025, we aim to sell 1 million electric vehicles and achieve a market share exceeding 10%, becoming the global leader in the electric vehicle sector."
Regarding the recent battery cooperation meeting with the heads of the four major conglomerates, he said, "We are proud that the world’s top three battery companies are Korean firms," and added, "We will cooperate well to stay ahead in the global market competition."
In the subsequent explanation of hydrogen fuel cell vehicles and hydrogen fuel cell systems, he first introduced the 'Nexo.' He then showcased the world’s first mass-produced hydrogen fuel cell large truck, the 'Xcient Hydrogen Fuel Cell Truck,' stating, "It was shipped to Switzerland last week, and a total of 1,600 units are scheduled to be exported to Europe by 2025."
Regarding the fuel cell system, the heart of hydrogen fuel cells, he emphasized that it has been developed over the past 20 years in collaboration with more than 130 partner companies. Vice Chairman Chung announced plans to lead the market by developing a next-generation system within the next 3 to 4 years that will double the lifespan and reduce costs to less than half.
In the Urban Air Mobility (UAM) sector, he promised commercialization by 2028.
Vice Chairman Chung pledged, "Hyundai Motor Group will become a ‘world-class eco-friendly technology company’ in the electric vehicle and hydrogen fuel cell sectors for a low-carbon, and ultimately ‘zero’ carbon era," adding, "We will compete in the global market through win-win cooperation with startups and small and medium-sized parts companies, and also create many jobs."
Finally, when Cho Jung-sik, Policy Committee Chairman of the Democratic Party of Korea, asked, "Can our Republic of Korea lead the future of eco-friendliness?" he reiterated, "The future eco-friendly business is related to Hyundai Motor Group’s survival and is very important for the country, so we will definitely succeed."
Meanwhile, the ‘Korean New Deal’ National Report Conference held that day was organized to overcome the unprecedented economic recession caused by the unexpected COVID-19 shock, which followed Korea’s efforts to shift its economic paradigm in response to low growth and deepening polarization. President Moon emphasized that the government’s national development strategy is to lead the global economy after COVID-19 by promoting the ‘Korean New Deal,’ comparable to the U.S. New Deal policy, to overcome the crisis.
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