Chung Mong-koo's Grandson Shin Woo-hyun Active as F3 Driver
"It's Not About Making a Profit"... Revealing the Structure of Motorsports
Shin Woo-hyun, a member of the Hyundai Motor Group founding family and currently an active driver in Formula 3 (FIA F3), has shared insights into the cost structure of international motorsports and the life of a professional driver.
Recently appearing on the MBC variety show "The Manager," Shin Woo-hyun stated, "In reality, the only stage where drivers actually receive a salary is Formula 1, which is essentially the top tier."
F3 is one of the key gateways in formula racing that leads to F1. It uses standardized chassis and engines, allowing for a true assessment of a driver's pure skill and race management abilities. The number of registered drivers at each stage is reportedly around 300 for F4, about 30 for F3, 22 for F2, and roughly 20 for F1.
He explained, "At the F3 and F2 levels, some prize money can be around 2 to 3 million won, but the cost for a single entry is equivalent to the price of a compact car." He added, "Even if you cover the expenses through sponsors and support, it's more about enduring the process with the goal of reaching F1, rather than making a profit."
The financial burden does not end with entry fees. Due to the nature of the sport, where team radio is fully broadcast, fines are imposed for unsportsmanlike conduct such as swearing. Shin Woo-hyun noted, "There have been cases where a single instance of swearing resulted in fines ranging from tens of millions of won up to 100 million won," and added, "If you are late to a race, you can face fines in the several million won range."
Shin Woo-hyun began his racing career in 2021 through karting. Eight months later, he finished as runner-up at an international competition, and after winning in his debut F4 season in 2022, he advanced to F3. He has recently competed in seasons across France, the United Kingdom, and Korea, saying, "Last year alone, I took about 120 flights."
He also described his systematic training regimen, which includes weight management, reflex and neck muscle strengthening, high-intensity aerobic training, and racing simulations. Given that the sport requires applying over 200kg of force to the brake pedal in a single race, lower body strength training is also a major focus.
His mother, Advisor Jung, serves as his manager during the off-season, supporting all aspects of Shin Woo-hyun's training and daily life. She acknowledged, "I admit that his starting point was ahead of others thanks to his family background, but everything after that has been filled by my son's own efforts," emphasizing, "The world of racing is moving beyond a stage where only financial resources matter, and is now a stage where skill is what truly counts."
Born in 2004, Shin Woo-hyun is the youngest of three sons of Jung Yooni, Advisor at Haevichi Hotel & Resort, and Shin Sungjae, former President of Hyundai Hysco. His maternal grandfather is Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, and his maternal uncle is Chung Euisun, Chairman of Hyundai Motor Group. His parents divorced in 2014.
Shin Woo-hyun stated, "My goal is to reach F1," and added, "I hope to help inspire more people in Korea to dream of becoming motorsports athletes."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
