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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 planning pure electric Genesis model

The market for luxury EVs is set to grow bigger by at least one model. The latest is set to come from Genesis, the new luxury brand launched by Hyundai. The news, according to Reuters, was revealed by the brand's chief executive Manfred Fitzgerald at the Busan Motor Show in South Korea. "We will definitely go as Genesis brand down the road of alternative propulsions and it is very, very obvious that EV is definitely on the map," said Fitzgerald "I think full electric cars will be the future in the auto industry." The executive stopped short of providing further details or a timeline for the EV's eventual launch, however it's not the first alternative powertrain the brand will offer. The G80 (pictured) is set to gain a diesel version to join the existing gasoline model, aimed principally at the vital European market that Genesis' key rivals call home. The electric Genesis would join a growing field of luxury EVs. Faraday Future is taking aim at Tesla, German automakers like Audi, BMW, Mercedes, and Porsche are expected to launch upscale electric vehicles – and others are likely to follow. Fitzgerald recently signed on as Senior Vice President at the Hyundai group to oversee the Genesis brand, having previously served as branding chief at Lamborghini. He is one of a number of Westerners recruited by Hyundai's vice chairman and heir apparent Chung Eui-sun, the impetus for the upscale brand's launch, alongside the likes of designer Luc Donckerwolke and performance engineer Albert Biermann. Related Video:

Frankfurt Motor Show Notes: Why Jaguar decided to build an SUV

It was inevitable. Jaguar had to make an SUV, and that notion became reality this week with the debut of the F-Pace, an all-wheel-drive five-seater that will launch in the United States next spring. Some purists may cringe. But in an era when Porsche, Bentley, Lamborghini, Rolls-Royce, Aston Martin, and other traditional luxury brands are all building or (planning to build) SUVs, Jaguar had to evolve. While it seems like a leap for Jaguar to make an SUV, longtime design director Ian Callum said it's been in the works for years. "The first time I was asked the question was when I arrived 16 years ago," he said. So in 1999 (and probably well before that), Jaguar was already thinking SUV. What took so long? "It wasn't a priority," Callum said. Jaguar was concentrating on fixing its existing lineup, which was pockmarked with holes and poorly selling products, like the X-Type. Along the way, Jaguar and sister brand Land Rover were sold by Ford to Indian conglomerate Tata Motors. Flash forward several years, and Jaguar and Land Rover are both experiencing a resurgence in the United States and around the world. Jaguar's lineup is flush with the E-Type's modern successor, the F-Type, plus a new version of the XF. The XJ received a 2016 freshening, and the smaller XE sedan is on the way. Jaguar put its house in order as other factors conspired to make a crossover timely. Fuel prices stayed relatively low, and consumers in the US and China remained steadfast in their love for utility vehicles of all stripes. Making a Jaguar SUV became a priority. "The world was telling us in no uncertain terms this is what they wanted," Callum said. "Not to be in the sector would be a little naive for the sake of purity." Jaguar proved its intent two years ago when it revealed the C-X17 crossover concept at Frankfurt, and the final production model is close to the prototype's striking looks. "I thought we managed to maintain that spirit," Callum said. It's a true Jaguar, with cues from the F-Type, 1968 XJ, and other famous models. Who would have thought Jaguar would make an SUV? "I certainly didn't," Callum admitted. But the F-Pace is here. If Callum is okay with it, purists can be, too. Quick Hits Opel retrenches for 2016 and beyond Opel used the Frankfurt show to display its new generation of the Astra, a critical vehicle line for the German division of General Motors.