[Exclusive] Hyundai Motor's Second Dedicated Aircraft Introduced... Accelerating Global On-site Management

Gulfstream G650ER Arrived on the 15th of Last Month
Can Fly Farther at Once Than Existing Boeing Planes
Expected to Benefit Frequent Business-Traveling Executives
Hyundai Motor Group's 4 Dedicated Aircraft Ties with SK

Hyundai Motor Group has introduced its second dedicated passenger aircraft. This move is interpreted as a response to the overseas business trip demands of Chairman Chung Eui-sun and other executives.

On the 15th of last month, Hyundai Motor Group added a second dedicated passenger aircraft to the one it already owned (a Boeing BBJ 737-7). The new aircraft is a G650ER manufactured by Gulfstream, a premium American jet manufacturer. It was purchased outright, not leased. The company plans to station and operate it at the Seoul Gimpo Business Aviation Center (SGBAC) within Gimpo Airport. However, Chairman Chung used the existing dedicated aircraft for his trips last month, including President Yoon Suk-yeol’s state visit to the UK and the trip for the Busan Expo bid.

In addition to the passenger aircraft, the group also acquired an additional dedicated helicopter to strengthen on-site management. On September 1, they purchased an S-76D made by Sikorsky in the United States. It offers better performance than the previously owned S-76C. With the helicopter acquisition, it is expected that the group will be able to move quickly between domestic business sites.

Gulfstream G650ER [Photo by Gulfstream Homepage Capture]

The purchase price of the newly introduced Gulfstream G650ER starts at a minimum of $61 million (approximately 79.2 billion KRW) based on last year’s production model. Depending on options, the price can approach 100 billion KRW. Hyundai Motor Group bought the aircraft produced in June this year, and it is estimated that the cost was between 80 to 100 billion KRW. Industry insiders speculate that the annual operating cost of the dedicated aircraft, including fees for using the Gimpo Business Aviation Center apron, reaches around 10 billion KRW.

The G650ER has the advantage of being able to fly farther in a single trip compared to the BBJ previously owned by Hyundai Motor. It can reach all continents except South America in one go. In contrast, the BBJ requires stopovers such as Alaska to reach the North American continent.

Adding another dedicated aircraft is expected to benefit Hyundai Motor executives who frequently travel overseas. Even if Chairman Chung uses one dedicated aircraft for his trips, other executives can use the other dedicated aircraft to visit overseas business sites. Chairman Chung has officially traveled more than ten times this year. He accompanied President Yoon on his visits to Saudi Arabia and Qatar in October, attended the inauguration ceremony of Hyundai Motor Group’s Singapore Global Innovation Center (HMGICS) last month, and has been traveling once or twice a month to the UK, France, and other destinations.

With this new acquisition, Hyundai Motor Group now owns four dedicated aircraft (two passenger planes and two helicopters). SK holds three passenger aircraft including the G650ER and one helicopter. LG owns two helicopters and one passenger aircraft, POSCO has two helicopters, and Hanwha owns one passenger aircraft. Samsung uses Korean Air’s charter flight services.