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Hyundai promoting younger execs in bid to 'smoothen an eventual leadership succession'

Experience versus the next generation. It's the decision any organization has to make when it comes to its succession of leadership. But even companies that value wisdom over vitality will eventually have to hand the reins to a new generation of leaders. And that seems to be what the Hyundai Motor Group is preparing for. The Korean automaker has promoted three executives in their early 50s to the rank of Executive Vice President. Chief marketing officer Cho Won-hong (50), PR chief Kong Young-woon (50) and Kim Gyun (52), head of strategic planning at Kia, are all being promoted to the role, putting them in senior leadership positions at one of the world's largest automakers. Reuters frames the promotions as earmarked to "smoothen an eventual leadership succession" at Hyundai. The family-owned company is currently chaired by Chung Mong-koo (76), who has given little indication that he's preparing to step down in the near future. But when he does, he's widely expected to relinquish control to his only son, current vice-chairman and former Kia president Chung Eui-sun (44, pictured), who is said to have chosen the aforementioned US-educated Cho for the promotion. News Source: ReutersImage Credit: SAMUEL KUBANI/AFP/Getty Hirings/Firings/Layoffs Hyundai Kia

Hyundai promises brand new EV for US within three years

The big and official news from Hyundai at the Washington Auto Show this week was that a bunch of people went to the website for the Tucson Fuel Cell CUV. But as Michael O'Brien, the vice president of corporate and product planning for Hyundai Motor America, was announcing that bit of news, an off-hand mention of something more battery-powered caught our ear. Hyundai calls the hydrogen Tucson the "next-generation EV," but in the US, that H2 vehicle will actually beat an EV to the company's showrooms. There have been hints about a Hyundai EV in the US before – and the Korean company has shown off the BlueOn EV (pictured), based on the i10 – but O'Brien was willing to give a little bit more information on the still-nebulous EV plans. "It will be a new product, that's all we can say right now" The i10 electric vehicles have been in service since they were used at the G20 summit in Seoul, Korea in 2010 O'Brien said, but the EV that's coming to the US will be completely different. It will be a compact-class EV wearing the Hyundai badge (so, not the Soul EV from sister brand Kia) that could, based on demand, be sold in more locations than the Tucson Fuel Cell, which is going to be limited to places like California where there are hydrogen fueling stations. "It will be a new product, that's all we can say right now," O'Brien said. "It will be within the next three years. Not a firm production date, but soon." In general, Hyundai is still more confident in hydrogen as the preferred zero-emission solution, and O'Brien cited range anxiety as the number one obstacle to EV adoption, with the slow recharge rate in second place. Still, strict emissions regulations mean that automakers will need to look at many options, and Hyundai is more ready than ever to dip its toes in the plug-in side of the pool. Featured Gallery Hyundai Blueon unveiled in South Korea News Source: Hyundai Green Misc. Auto Shows Hyundai AutoblogGreen Exclusive Electric dc auto show washington auto show hyundai ev i10

Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.