Hyundai Motor releases 2021 sustainability report with profitability focus

Hyundai Motor Co. will focus on ramping up global sales of high-profit vehicles such as its SUVs and Genesis models, according to its annual sustainability report released on July 6.

In the company’s 2021 sustainability report, Hyundai Motor CEO Chang Jae-hoon said that he will focus on cost reduction as well as value chain innovation based on digital technologies.

The report also stated that the automaker will strengthen its electric vehicle (EV) lineup in addition to IONIQ 5, its first dedicated EV launched in March this year.

The company said it will also further improve its industry-leading hydrogen fuel cell technologies, with the ultimate goal of establishing and leading a global hydrogen ecosystem.

On product quality, Hyundai Motor CEO said the company will “actively carry out quality improvement activities including vehicle replacement programs, reliability based quality management, and standardization of quality control processes.”

Hyundai Motor CEO also stressed that the company’s "work quality" will be improved.

“We plan to strengthen our customer-oriented quality management by improving work quality through tapping into employees’ creativity and talent. Plus, all Hyundai Motor employees should advance long-term sustainable corporate values over financial short-termism,” said Chang.

Moreover, unlike its previous reports on sustainability, the 2021 version features the addition of an ESG Factbook section, where readers can check the company’s key ESG data, such as: annual energy consumption, greenhouse gas emissions, total amount of raw materials used, water consumption, number of employees by gender and number of participants in ethical standards training.

“Everything is changing, from the way we approach work to how we think and go about our lives. But one thing will remain constant and abiding: Hyundai Motor’s management philosophy that places humanity above all other considerations,” added the CEO.

Write to Il-Gue Kim at Black0419@hankyung.com
Daniel Cho edited this article.