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Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

Hyundai working on some sort of secret, single-seat EV

Hyundai's big electric push at the Geneva Motor Show this week was its three-pronged Ioniq line-up. But there will apparently be at least two other electric vehicles coming from the South Korean automaker in the near future, according to Reuters. These vehicles are a single-seat EV and an electric scooter. Neither of these EVs were mentioned in Hyundai's press releases. Neither of these EVs were mentioned in Hyundai's official press releases from Geneva, so details are sparse, but Reuters says that these non-standard vehicles slot nicely into Hyundai's future mobility plans. The Korea Herald says that the automaker is going to invest more in future projects that don't necessarily involve new cars. The idea is to increase the "mobility freedom" for people, according to a presentation from Hyundai Motor Group vice chairman Chung Eui-sun during Geneva. Hyundai would not confirm the news of the scooter or the single-seat EV to Reuters and requests for more information from AutoblogGreen were also ignored. When we learn anything official, we will let you know. Given the lack of details, we'll make some educated guesses. Electric scooters are extremely popular in Asia, and we don't think this will stray too far from the two-wheels-and-a-battery model that already works well. As for the one-seat EV, we have to think that Hyundai will take a page from the Renault Twizy or Toyota i-Road, both sleek little electric runabouts that are quirky, sure, but also perfect for running errands in an urban environments. We expect some sort of carsharing program, as well. The official Ioniq vehicles were three powertrains in one body style: a hybrid, PHEV, and pure EV. You can get all the details that we know about these vehicles so far here. Related Video: Related Gallery 2017 Hyundai Ioniq Electric: Geneva 2016 View 14 Photos News Source: The Korea Herald, Reuters Green Hyundai Transportation Alternatives Electric scooter hyundai ioniq ioniq

Hyundai and Aptiv enter self-driving joint venture

Hyundai Motor Group and Aptiv are creating a 50:50 autonomous driving joint venture valued at $4 billion. In an announcement, Hyundai said the venture plans to begin testing fully driverless vehicle systems in 2020 and to "have a production-ready autonomous driving platform available for robotaxi providers, fleet operators, and automotive manufacturers in 2022." Under the terms of the agreement, Hyundai Motor Group affiliates Hyundai Motor, Kia Motors and Hyundai Mobis — which debuted the self-driving concept vehicle seen above earlier this year at CES — will collectively contribute $1.6 billion in cash and $0.4 billion in vehicle engineering services, R&D resources and access to intellectual property. Aptiv, which was formerly known as Delphi Automotive, will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions. According to a statement on the joint venture, Aptiv says it currently operates more than 100 self-driving vehicles, a number of which are part of a commercial deployment in Las Vegas. The company says it has provided more than 70,000 paid autonomous rides and has maintained a rating of 4.95-out-of-five stars. The company will be headquartered in Boston and have so-called technology centers located across the United States and Asia. Green Hyundai Kia Transportation Alternatives Technology Autonomous Vehicles aptiv