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Hyundai Motor Group Announces 2020 as Starting Point for Market Leadership Commitment

SEOUL, January 2, 2020Hyundai Motor Group (the Group) today held its 2020 New Year ceremony at its headquarters in Seoul, outlining its innovation priorities and strategic direction to engineer sustainable growth as a “game changer” in diverse industries.

“Hyundai Motor Group enters 2020 as the inaugural year for securing its future industrial leadership,” said Euisun Chung, Executive Vice Chairman (EVC) of Hyundai Motor Group.

Securing future industrial leadership

In recent years, due to the rapid development in technology and networks, what had only been imagined is becoming an everyday reality, and this trend is accelerating in the automotive industry, Chung said of the direction of the Group’s technological innovation.

Business-based innovation

“We plan to eliminate all unessential and uneconomical elements in our Group, and pursue cost innovations by supporting new ideas and technological developments,” said Chung, emphasizing business innovation.

Through a new EV architecture development system, Hyundai Motor Group will innovate its cost structure for electric vehicles by sharing components in their application to various models. It will streamline operation networks and introduce new sales methods, while securing a flexible production system that can respond to the fluctuating global demand.

Innovation of corporate culture

“The thrust behind our leadership in future industries must come from within, from each and every one of ourselves,” Chung asked employees to “not to think of yourself as a member of a vast organization, but as a startup entrepreneur, who constantly seeks challenges using a creative mindset,” said Chung, underscoring the need for innovating the corporate culture.

Prioritizing customers

He also pointed out that “our business activities must start from considering our customers first, and continue to create new values together with our customers.”

Original article

Jan 26, 2020 at 08:17

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