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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.

Biden says U.S. is willing to continue talks with South Korea on EV subsidy

SEOUL — President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon's office said on Wednesday. Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul's concerns that the new U.S. rules would hurt South Korea's automakers. "We assess that President Biden reaffirmed his understanding of our concerns through a personally signed letter .... it shows Biden's willingness to be considerate towards South Korean companies in the future," the official said. The Inflation Reduction Act, signed by Biden in August, requires EVs assembled in North America to qualify for tax credits in the United States, but excluded Hyundai Motor Co and its affiliate Kia Corp from EV subsidies, as they do not yet make the vehicles there. As a result, only about 20 EVs qualify for subsidies under the new rules. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Genesis Hyundai Kia EV tax credit

Hyundai pulls wraps off new i20 WRC rally car

Hyundai Motorsport is ready for the 2016 World Rally Championship after the unveiling of the New Generation i20 WRC at the team's shop in Alzenau, Germany. This is Hyundai's third season in the WRC, and it wants to improve after taking third place in the manufacturer's championship in 2015. The New Generation i20 WRC is now based on the five-door i20 hatchback from Europe, and the updated rally car boasts a stiffer chassis and a tweaked suspension. Other than the extra doors at the rear, the latest design features a more angular front end with harder edges around the grille and headlights. The WRC car boasts a 1.6-liter turbocharged four-cylinder with 300 horsepower and 221 pound-feet of torque. A six-speed sequential gearbox routes the power to the all-wheel drive system. Hyundai originally wanted to base the new rally car on the latest three-door i20 production model for the 2015 season, but a delay in the vehicle's homologation turned the team's attention to the five-door for 2016. "The New Generation i20 WRC is the product of a full year of development and, with a more experienced team, we now raise our objectives to be more confident to fight at the front," Team Principal Michel Nandan said at the unveiling. Drivers Dani Sordo and Thierry Neuville give the New Generation i20 WRC a competition debut at the season-opening Rallye Monte-Carlo in January. Hayden Paddon gets his at the following event – the Rally Sweden. While those guys are racing, Hyundai Motorsport also has another car under development to be ready for the next crop of WRC machines that will see action in 2017. Related Video: Hyundai Motorsport unveils New Generation i20 for third WRC season New Generation Hyundai i20 WRC revealed as Hyundai Motorsport previews a third season at the team's 2016 launch event. Alzenau, Germany, December 9, 2015 - Hyundai Motorsport today revealed its New Generation i20 WRC during a launch event for media and guests at the team's factory in Alzenau. The car will be used in our third season of WRC competition by drivers Dani Sordo, Hayden Paddon and Thierry Neuville. The venue for the launch was significant as it will soon be Hyundai Motorsport's customer racing headquarters. From this base we will supply teams around the world with our new R5 rally car that is also based on the New Generation i20. The reveal marks a new chapter in Hyundai Motorsport history as we build on two successful WRC seasons and approach our third.