[Sponsored Report] Hyundai chairman lays out management goals

During a New Year’s speech on Jan. 2, Hyundai Motor Group’s chairman, Chung Mong-koo, urged the company to overcome turbulent domestic and international circumstances. He promoted internal stability, responsible management and future growth as management policies to focus on for the upcoming year.

The chairman highlighted quick and flexible responses to problems as well as strong communication and cooperation as ways to form an autonomous and responsible corporate culture. He encouraged staff and executives to expand investment in research and development, realize future technologies and enhance product competitiveness.

Despite low global growth, Chung expressed willingness to pioneer into new markets by establishing 35 manufacturing plants in 10 countries. The company also plans to stabilize factories in Mexico and Changzhou, China, and aims to produce 8.25 million cars at its Chinese plant in Chongqing.

“As low economic growth persists globally, protectionism is expanding throughout the world and competition is growing, making everything increasingly uncertain,” Chung said. “Let’s respond to the changing circumstances through internal stability and responsible management and go forward for future growth.”

He added that “the company will continuously expand its investment in R&D, further develop core technologies such as autonomous driving and lead future change.”

In order to dominate in futuristic car technology, Hyundai is cooperating not only with big domestic and global companies but also start-ups. It strives to commercialize a completely autonomous car and develop connected cars based on its big data centers in Korea and China.

“We need to maintain the best product quality and gain consumer trust by innovating in our sales and services,” Chung said.

Hyundai plans to respond to market demand by releasing 10 new cars every year and improving product quality in luxury and eco-friendly cars. This year, the company will increase new SUV production and hopes to boost global SUV sales with new full lineups.

The company also hopes to launch more than 28 eco-friendly cars by 2020. It will complete the Ioniq lineup with the Ioniq Plug-in Hybrid and diversify the brand with the Grandeur Hybrid and Kia Niro Plug-in Hybrid.

In the luxury segment, the new Genesis G170 will be released, and an improved version of the G80 will enter the U.S. market to reinforce its premium brand.

To boost local sales, Hyundai will develop regional car brands that reflect the sales environment and legal system of each market.

“We should serve the social responsibilities of the company by practicing transparent management and contributing to society,” Chung said. “We should strive together to contribute to the people’s happiness.”