Hyundai’s Shocking Revelation: Chairman Chung’s Pledge to Fuel EV Growth

Eugene Park 2023-11-14 PM 03:45 Views

On the 13th, Euisun Chung, Chairman of Hyundai Motor Group, stated, “In the grand scheme of things, the demand for electric vehicles will continue to grow, so we are considering investing in the electrification sector by making the most of our management skills.”

Chairman Chung commented in response to a question about whether he would continue to invest in the electrification sector at the groundbreaking ceremony for the electric vehicle-only factory at Hyundai Motor’s Ulsan plant. There is a movement among major automakers to adjust their investment pace as the growth of electric vehicle demand slows down in Korea and around the world. Examples include reducing previously announced facility investment plans or withdrawing from battery joint ventures.

Chairman Chung clarified his intention to continue investing, stating, “There may be various methods, such as cost reduction and previous investments in the electrification sector, but we will continue to invest.” Jae Hoon Chang, President of Hyundai Motor, who also attended the event, said, “There are infrastructure problems such as charging inconvenience, but I think electric vehicles are the general trend. I think the demand will continue to be created, and we are preparing for it.”

Hyundai Motor is building an electric vehicle-only factory on the driving test site at the Ulsan plant. The goal is to produce 200,000 units annually by the first quarter 2026. Chairman Chung repeatedly emphasized the importance of people in building a new factory. He said, “Both in our country’s history and Hyundai Motor, I think people are the most important. We are discussing this within the framework of humanity, which we consider the most important in the world.”

At the event, Chairman Chung said, “Mobility for people not only involves the customer but also creates a factory environment for the workers. Robot technology, smart logistics systems, and artificial intelligence innovation will create a safe, accurate, and efficient workplace and improve the working environment.”