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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 will launch 26 green models through 2020

Hyundai Motor Group, which comprises both Hyundai and Kia, believes that launching a blitz of 26 green models through 2020 could place the Korean automaker among the leaders in the segment. Only Toyota would be larger in the electrified vehicle market, if Hyundai Motor's plan works, Automotive News reports. The 26 models run the gamut of the green car field, and they include at least 12 hybrids, six PHEVs, two EVs, and two hydrogen fuel cells, according to Automotive News. If customers latch onto them, Hyundai and Kia could move as many as 300,000 electrified vehicles a year by 2020 versus about 43,000 in 2015. Kia is responsible for at least 11 of these vehicles like the upcoming Niro crossover. Meanwhile, Hyundai wants the upcoming Ioniq (above) to challenge the Toyota Prius, and the Korean company has hybrid, PHEV, and EV versions on the way. To save money on the development of so many electrified vehicles, Hyundai Motor uses shared components. "For example, all our electric motors have the same diameter," Lee Ki-Sang, Hyundai's green powertrain boss, told Automotive News. "The power output is different, but we can just adjust the width of the core winding. Or for the motor controller, we standardized to use the same printed circuit boards." Trying to go from a relatively small player to a market leader is an audacious move, but it's especially risky right now. Gas prices are the cheapest in 12 years in the US, and green car sales are down in the US and in Europe. Toyota even predicts the inexpensive fuel could cut into Prius sales, and it's far more established than Hyundai's models. The South Korean company could have an even tougher time because these efficient vehicles still lose money for now. "Our target is before 2020, we would like to make profits on these eco-friendly vehicles," Lee told Automotive News. Related Video:

Hyundai previews new Equus-replacing Genesis G90

Hot on the heels of the announcement of the new Genesis luxury brand, Hyundai is rolling out the first model in its lineup, the G90. Previewed in this image, the sedan will replace the Equus at the top of Hyundai's lineup and launches next month in Korea. It will wear the EQ900 badge in its home market. Penned in the company's new Prestige Design Division, the styling has obvious links to the new Genesis sedan (which will also get an alphanumeric nameplate) and the Vision G Coupe concept (which will likely lead to a production two-door). That means more straight lines than the curvier Equus, along with more upscale details. From the limited angles at which we're viewing it, the design appears to bear some similarities to other luxury automakers like Audi (around the headlights), Mercedes (at the tail), and even Bentley (towards the back of the greenhouse). The G90 will kick off the launch of the new Genesis brand much in the same way that Toyota launched the Lexus brand, Honda begat Acura, and Nissan gave birth to Infiniti. The G90 will be the first of six new Genesis models to launch by 2020. 'New Luxury' Takes Shape - Hyundai Motor Unveils Rendering of New G90 Hyundai Motor has revealed the first rendering of its new range-topping G90 luxury sedan, which is named EQ900 in Korea. The elegantly designed, technology packed G90 hints at the recently-launched Genesis brand's design identity and future direction. Woong-Chul Yang, Head of Hyundai Motor R&D Center and Vice Chairman of Hyundai Motor, said, "Genesis' new large luxury sedan G90 will deliver a concept of 'New Luxury' to our customers. The G90 sits at the pinnacle of the Genesis brand and demonstrates how we apply our human-centered values to give our customer true satisfaction in every aspect of the vehicle ownership experience." As the Genesis brand's flagship model, G90 is a blueprint for change and innovation that will distinguish the Genesis brand. Majoring on 'human-centered' technology combined with engaging driving dynamics, G90 boasts a raft of world-best safety features and technological innovations to set itself apart in the luxury market. G90 also showcases the Genesis brand's hallmark design style 'Athletic Elegance', interpreted by the newly-formed Prestige Design Division to bring graceful and profound elegance to G90's significant proportions.