Attended Business Planning and 'Automobile Hall of Fame' Induction Ceremony in the US
Supported National Archery Team in Japan
[Asia Economy Reporter Yoo Je-hoon] Chung Eui-sun, Chairman of Hyundai Motor Group, undertook a rigorous business trip spanning about two weeks across the United States and Japan. In the U.S., Chairman Chung reviewed large-scale investment plans targeting the American market and future mobility business strategies. He then moved to Japan, where the Tokyo Olympics were underway, to encourage and support the national archery team and experience advancements in hydrogen technology, spending a hectic period.
According to industry sources on the 2nd, Chairman Chung returned to Korea the previous morning via Gimpo International Airport in Gangseo-gu, Seoul. It had been 16 days since he departed on a private jet for his U.S. and Japan trip on the 16th of last month.
The United States has been a key market that Chairman Chung has chosen for business trips three times consecutively this year. During this trip, he visited New York, Washington, Detroit, and other cities within a short span of one week, meeting with political and business leaders as well as automotive industry stakeholders. He is believed to have reviewed the previously announced large-scale investment plan in the U.S. and continued to develop ideas related to future mobility businesses. Earlier, he committed to investing $7.4 billion (approximately 8.5 trillion KRW) in future mobility sectors such as electric vehicles, urban air mobility (UAM), and robotics in the U.S. During his previous trips in April and June, he personally visited Hyundai’s Alabama plant, autonomous driving company Motional, and robotics firm Boston Dynamics.
In Detroit, he attended the induction ceremony of his father, Chung Mong-koo, Honorary Chairman, into the 2020 and 2021 Automotive Hall of Fame along with his family. This marks the first time a Korean has been inducted into the American Automotive Hall of Fame. He expressed, "It is a very honorable occasion both for the company and our family."
Foundation for the National Archery Team’s Success... Experience of Japanese Technology
Immediately after completing his U.S. schedule, Chairman Chung moved to Japan, where the Tokyo Olympics were ongoing. Since 2005, he has served as the President of the Korea Archery Association and has consistently appeared at the archery venue in Tokyo’s Yumenoshima Park to encourage and support the national archery team.
Following the late founder Chung Ju-yung and Honorary Chairman Chung Mong-koo, Chairman Chung is the third generation to lead the Korea Archery Association and support archery. Industry insiders evaluate that he played a significant role, both materially and morally, in the national archery team’s remarkable achievement of winning four gold medals at this Olympics. Chairman Chung emphasized, "This achievement was accomplished by all archers together."
Despite restrictions on movement outside the competition venues and accommodations due to COVID-19 prevention measures in Japan, the industry believes Chairman Chung gained intangible benefits by directly and indirectly experiencing Japan’s eco-friendly vehicle and autonomous driving technologies, as Japan is one of the biggest competitors in the finished car industry. Japan has devoted great effort to promoting its latest mobility technologies at the Tokyo Olympics as a showcase of its technological prowess.
In fact, Toyota operated 16 units of the ‘e-Palette,’ a level 4 autonomous unmanned vehicle, as shuttle buses within the Olympic Village and supported 500 units of the hydrogen fuel cell vehicle (FCEV) ‘Mirai.’ Chairman Chung stated, "It was an opportunity to see electric vehicles, hydrogen cars, and related infrastructure, but due to quarantine measures, I couldn’t move around much," adding, "However, I did see parts related to the latest technology during transit."
Main Business Thriving: "Car Market to Remain Prosperous for the Time Being"
In the first half of this year, Hyundai Motor Group surpassed 800,000 units sold in the U.S. market for the first time ever and sold about 400,000 units in Europe, overtaking BMW to rise to 4th place in market share.
The industry expects a strong ‘tailwind’ for Hyundai Motor Group’s performance in the second half of the year. Recently, the semiconductor supply shortage has shown signs of easing, and Hyundai Motor’s labor and management successfully concluded wage and collective bargaining agreements for the third consecutive year without disputes, reducing risks. Chairman Chung assessed, "Car sales are going very well, and in the U.S., I believe we have peaked," adding, "As vaccination rates increase and people return to daily life, the market will continue to prosper for the time being."
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