Jung Eui-sun's Aggressive Moves to Dominate Future Cars

Group Heads' Consecutive Meetings and Public Announcements
Weekly External Activities Since July

[Asia Economy Reporter Kiho Sung] The footsteps of Chung Euisun, Executive Vice Chairman of Hyundai Motor Group, who had maintained a quiet and steady approach, are now quickening. Starting with his attendance at 'CES 2020' held in Las Vegas, USA, this January, he has been actively engaging in various activities both domestically and internationally. Especially after the outbreak of the novel coronavirus disease (COVID-19), his brisk pace in Korea has expanded into weekly external activities since the beginning of this month. The scope of his activities has also broadened beyond the business community to include communication with the government and the public. The business sector views Executive Vice Chairman Chung’s proactive moves as related to the paradigm shift in the automotive industry toward electric vehicles, hydrogen vehicles, and autonomous driving.

According to the business community on the 16th, Executive Vice Chairman Chung will meet Samsung Electronics Vice Chairman Lee Jae-yong, who is scheduled to visit Hyundai Motor’s Namyang Technology Research Center around the 21st, to discuss cooperation plans between the two groups. This will be their second meeting following one in May. Various topics, including all-solid-state batteries, a core subject of future vehicles, and autonomous driving, are expected to be on the discussion table.

After assuming the position of Executive Vice Chairman in September 2018, Chung focused on reorganizing the group’s corporate culture during his first year, maintaining a quiet approach. The beginning of change came in January this year. Executive Vice Chairman Chung personally appeared as a presenter at CES 2020 in Las Vegas, USA, unveiling plans for the aviation mobility business. Subsequently, he attended the 'Hydrogen Council' in Paris, France, and the 'World Economic Forum' in Davos, Switzerland, solidifying his position as a 'hydrogen evangelist.'

Before the COVID-19 outbreak intensified, his activities were focused overseas, but afterward, he notably strengthened domestic activities. Following his meeting with Vice Chairman Lee at Samsung SDI’s plant in Cheonan, Chungnam, on May 13, he consecutively met LG Group Chairman Koo Kwang-mo and SK Group Chairman Chey Tae-won last month and this month to discuss battery business cooperation.

In particular, since the beginning of this month, he has been engaging in external activities about once a week. On the 1st, he visited the 'Hydrogen Mobility+ Show' riding the hydrogen electric vehicle 'Nexo,' thoroughly inspecting the exhibition hall as well as attending the commemorative event. On the 7th, he visited SK Innovation in Seosan, Chungnam, to explore new business opportunities with Chairman Chey. Then, on the 14th, at the 'Korean New Deal' comprehensive plan briefing, he presented a blueprint for eco-friendly mobility and energy as a representative company of the 'Green New Deal.'

The business community sees Executive Vice Chairman Chung’s extensive activities as coinciding with the paradigm shift period in the automotive industry. The future vehicle industry cannot be resolved by current technology or the power of a single company alone. To overcome this, Executive Vice Chairman Chung is expanding communication not only with the business community but also with the government and the public. Regarding the Korean New Deal comprehensive plan briefing, part of the government and public communication efforts, it is known that Executive Vice Chairman Chung devoted special effort, rehearsing multiple times in front of the camera from several hours before the event until just before his presentation.

A business community official said, "It is unprecedented for the heads of major groups to hold a series of meetings followed by a public announcement to the nation," adding, "The situation is urgent, and as they are putting in all their efforts, we expect visible results to emerge."