Jang Jae-hoon, President of Hyundai Motor, "Leading the Mobility Paradigm Shift with Software-Centric Transformation"

Four Management Strategies Presented at This Year's General Meeting

"We will lead the mobility paradigm by transforming the entire company’s systems with a software-centric approach."

Jang Jae-hoon, President of Hyundai Motor Company, said this during his greeting at the 55th Annual General Meeting of Shareholders held on the 23rd at Hyundai Motor’s Yangjae-dong headquarters, adding, "We will continue sustainable growth through relentless change."

President Jang forecasted that this year’s challenging business environment will persist due to high interest rates, economic recession leading to weakened automobile demand, and instability in raw material supply. He presented four strategic directions: ▲ responding to the shift to a customer-driven market ▲ achieving a top-tier electrification brand ▲ preparing for future businesses and strengthening internal capabilities ▲ enhancing ESG (Environmental, Social Responsibility, Governance) management systems.

Regarding the response to the shift to a customer-driven market, he said, "We will provide customers with the products they want at the time they want by optimizing production and sales and shortening logistics lead times," and added, "We will ease the burden of new car purchases by strengthening financial programs." He further stated, "Through the certified used car business, we will offer highly reliable used cars to reduce customers’ actual expenses."

He also revealed strategies for the electrification market. He emphasized, "We will elevate the competitiveness of our electrification brand by launching the high-performance electric vehicle Ioniq 5 N," and added, "We will strengthen local production systems for electric vehicles and expand our dominance in emerging markets where electrification is beginning in earnest, solidifying our global electric vehicle leadership." He explained, "We will maximize customer convenience throughout the use of electric vehicles by enhancing charging convenience and offering service packages integrated with energy."

Regarding future strategies, President Jang said, "We will advance manufacturing innovation technologies through the Singapore Global Innovation Center (HMGICS) and establish global cooperation systems in various fields such as robotics and Advanced Air Mobility (AAM)."

President Jang emphasized that Hyundai Motor responded strongly to the unfair labor issues involving partners in North America last year through third-party audits and liquidation of equity relationships with the concerned companies. He explained, "Hyundai Motor upholds a zero-tolerance policy toward unfair labor practices and will preemptively block potential risks by strengthening ESG management systems."

At the shareholders’ meeting, a proposal to appoint Jose Munoz, Global Chief Operating Officer (COO), as an inside director, and Professors Jang Seung-hwa of Seoul National University Law School and Choi Yoon-hee of Konkuk University Law School as outside directors, will be submitted.

Amendments to the articles of incorporation to strengthen shareholder rights and a proposal to increase the year-end dividend by 50% will also be presented.