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Hyundai Motor heir Euisun Chung takes over from father after 20 years in waiting

SEOUL — Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars. In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry. "Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees. Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) — industry jargon for flying cars — as his initiatives for the future. Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.   Legacies Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman. Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously. The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s. His father took the wheel of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker. The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year. Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman. Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab. In July, Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Hyundai, Kia and Genesis EVs recalled for damaged charging control unit

Hyundai Motor America and Kia America are recalling a combined 147,100 U.S. vehicles over a damaged charging unit, the National Highway Traffic Safety Administration (NHTSA) said on Thursday. Hyundai will recall 98,878 vehicles, including certain 2022-2024 Ioniq 5 and Ioniq 6, Genesis GV60, Genesis GV70 Electrified and Genesis GV80 Electrified models, while Kia will recall 48,232 vehicles impacting certain EV6 models. The Integrated Charging Control Unit (ICCU) "may become damaged over time from transient high voltage and thermal cycling" and stop charging the 12-volt battery, which can result in a loss of drive power increasing the risk of a crash, the safety regulator said. Kia notes that there will be "audible warning chimes and one or more of the following: Illumination of "Check Electric Vehicle System" warning light, Master warning light, Charging system warning light, "Stop vehicle and check power supply" warning light, power down (turtle) warning light and/or reductions in motive power." Dealers will inspect and replace the ICCU and its fuse, as necessary. In addition, dealers will update the ICCU software. Material from Reuters was used in this report. Green Recalls Genesis Hyundai Kia Electric

Recharge Wrap-up: Canada gets Hyundai Tucson Fuel Cell, Washington governor favors EVs

Washington Governor Jay Inslee wants extend tax breaks for EVs past the July 1 expiration date. He also calls for looking into allowing EVs use of carpool lanes and creating charging infrastructure. Inslee sees encouraging electric driving as a way to help mitigate climate change, but detractors within the state don't like the idea of giving priorities to certain drivers. "I'm not enthusiastic about a subsidy that picks winners and losers and doesn't help the middle class," says representative Reuven Carlyle. Read more at The State. Novozymes says it has an enzyme solution, called Eversa, that can make biodiesel from waste oils. The technology converts the vegetable oils used by the food industry into usable fuel. The enzymatic process is said to be cheaper and safer than chemical processes with fewer harmful byproducts, and can handle higher levels of free fatty acids. The process is safer than others, says Novozymes' Frederik Mejlby, due to the lack of required high temperature and pressure, and that the "organic nature and mild process conditions do not generate toxic components as in some chemical biodiesel processes." Read more in the press release below. The USDA has announced funding of advanced biofuels and the bioeconomy. The USDA is providing $5.6 million in grants to advanced biofuel producers, as well as an additional $4 million toward a bioeconomy to reduce dependence on foreign oil. The funds come from the USDA's Advanced Biofuel Payment Program, which is part of the 2008 Farm Bill. The biofuel sources targeted are, in particular, crop residue, animal, food and yard waste, vegetable oil and animal fat. Read more in the press release below. Hyundai will be offering the Tucson Fuel Cell for lease in Canada. Beginning in early 2015, the hydrogen vehicle will be available to customers in Vancouver, British Columbia. It's the first hydrogen vehicle from a major automaker in the country. "We are proud to be leading the fuel cell movement," says Hyundai Auto Canada President and CEO Don Romano, "and now is the time for auto companies, governments, and citizens to join us in this initiative and push for the creation of a hydrogen infrastructure in Canada to maintain this positive momentum." Read more in the press release below. New enzyme technology converts waste oils into biodiesel Novozymes' latest offering secures flexible feedstock selection and lower operational costs for biodiesel producers.