Hyundai's Chung Euisun lauded for future-minded leadership

Hyundai Motor Group’s Executive Chairman Chung Euisun is firming his reputation as a leader in the global auto industry as he is once again recognized for transforming the South Korean auto giant into a trendsetter from a fast follower, this time by Automotive News.

The US prestigious automotive industry magazine announced on Sunday that it has tapped Chung as its Industry Leader of the Year among Automotive News’ 2023 All-Stars for “his vision and pivot toward the future.”  

“Under Executive Chair Euisun Chung, the juggernaut is putting the ‘new’ in new mobility with global leadership in a slew of tomorrow's technologies,” Automotive News said.

“Chung, 53, is putting the world's third-largest auto group on the map for electric vehicles and hydrogen power, in addition to luxury cars and purpose-built vehicles for fleets of future pod cars.”

Automotive News’ Industry Leader of the Year is awarded to whom it deems to top its 38 All-Star leaders picked for this year, the leading executive in the global automotive industry.

“Throw in advanced robotics, artificial intelligence and urban air mobility for good measure ... His concepts are bold, futuristic and abstract,” said the magazine, noting the auto group’s plan to pour some $50 billion into new technologies this decade.

Hyundai Motor is seeking to lead robotics technologies jointly with US robot developer Boston Dynamics, which was officially placed under its wings in June 2021. It is also actively seeking to launch purpose-built vehicles and advanced air mobilities as means of future, urban transportation.

Hyundai Motor is already a leader in hydrogen fuel-cell vehicle technology.

“This award is in recognition of the entire Hyundai Motor Group family and partners all around the world who have worked so hard and devoted themselves to making sure that we achieve our vision of smart, sustainable mobility and progress for humanity,” Chung said upon receiving Automotive News' award.

BOLD EV PUSH AND GLOBAL NO. 3

Chung is also credited with having helped Hyundai Motor Group make a quick and successful electrification transition.

Hyundai Motor Co. plans to ship 2 million electric vehicles across the world by 2030, and its sibling Kia Corp. expects its global EV sales to climb to 1 million in 2026 with a target of 1.6 million in 2030.

By 2030, both brands are expected to see their EV share reach around one-third of their total production and sales.

Hyundai Motor’s development of the EV-dedicated platform Electric-Global Modular Platform (E-GMP) is behind the success of the group’s EVs.

The group’s luxury marque Genesis, which was launched under Chung’s direction in 2015, has also ascended to become a “formidable” player in the global upmarket segment, according to Automotive News.

Hyundai Motor Group with its three auto brands now the world’s third-biggest auto group.

This is not the first time Chung has been lauded for his leadership by globally acknowledged automotive industry organizations and media since he took the helm of Korea’s No. 1 auto group in 2020.

He was named Person of the Year 2023 among MotorTrend’s Power List in January of this year for leading Hyundai Motor into “a new age of automaking” with his visionary thinking.

He was on the cover of Newsweek's World's Greatest Auto Disruptors awards issue as Visionary of the Year in 2022, which is awarded to the leader expected to have the most powerful influence over the auto industry in the next 30 years.

A year earlier, Chung won Autocar Awards’ top award, the Issigonis Trophy, given by the weekly British auto magazine to an individual who has played a significant role in shaping the future of the auto industry.

Write to Il-Gue Kim at black0419@hankyung.com

Sookyung Seo edited this article.