Hyundai Motor’s Chung Eui-sun expands cooperation on new business

Hyundai Motor Group Chairman Chung Eui-sun is making aggressive moves in new business. After being inaugurated as Chairman of Hyundai Motor Group in October last year, Chung is expanding the group’s new business projects as well as leading the discussions on cooperation in new business projects.

In May last year, Chung and Samsung Electronics Vice Chairman Lee Jae-yong met to discuss their cooperation on electric vehicle (EV) batteries. Chung had similar meetings with LG Group Chairman Koo Kwang-mo in June and SK Group Chairman Chey Tae-won in July. He set a record of meeting with the heads of top five conglomerates in Korea in half a year by meeting with Lotte Group Chairman Shin Dong-bin in November last year. It is known that Chairman Chung and Chairman Shin shared their opinions on the global business center (GBC) to be built in Gangnam, Seoul as well as cooperation on new materials for cars with Lotte Chemical.

The business circle believes that the cooperation between Hyundai and POSCO on hydrogen business is the result of Chairman Chung’s aggressive moves in new business. Chairman Chung has helped change the industry culture, where businesses were locked in excessive competition and the battle of pride that sometimes worked to their disadvantage, to the “cooperate if necessary” mindset.

Under the big picture of transforming Hyundai Motor Group into a mobility company, Chairman Chung is leading the efforts to expand the company’s businesses not only to hydrogen, electric, and autonomous vehicles but also to urban aeronautical mobility (UAM) and robotics. Chairman Chung visited Singapore from Jan. 24 to Jan. 27 and met with Singaporean Prime Minister Lee Hsien Loong.

“In the past, the heads of conglomerates would only see one another at meetings of economic organizations. Chairman Chung’s moves were something difficult to see from the chairmen of the previous generation,” said an executive from a company. “Chung is showing a practical leadership style, where he does not hesitate to cooperate if necessary.”


bjk@donga.com