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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 calling in 65k Sonatas over ABS warning light

A problem with the ABS warning light has prompted Hyundai to issue a recall for nearly 65,000 examples of the Sonata sedan. The issue seeks to rectify an issue that would prevent a warning light in the dash from alerting the driver of a malfunction with the anti-lock brakes. The recall campaign specifically affects 2015-16 Sonatas manufactured between May 28, 2014, and August 21, 2015. Hyundai estimates that 64,744 such examples are to be found in the United States. If the warning light doesn't illuminate, the driver may not be aware that there's a problem with the ABS. And, according to the statement below from the National Highway Traffic Safety Administration, that could increase the likelihood of a crash. To fix the issue, Hyundai will notify owners to bring their Sonatas in to their local dealership to have the software in the control unit updated. The recall is scheduled to commence on December 11. Related Video: RECALL Subject : ABS Warning Lamp May Not Illuminate/FMVSS 135 Report Receipt Date: OCT 20, 2015 NHTSA Campaign Number: 15V678000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 64,744 Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2015-2016 Sonata vehicles manufactured May 28, 2014, to August 21, 2015. The affected vehicles are equipped with an Antilock Braking System (ABS) warning light intended to warn the driver if there is an ABS malfunction. In the event of an ABS malfunction, the Brake System warning light will illuminate, but the ABS warning light will not illuminate. Since the vehicles have ABS malfunction lights that do not illuminate, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 135, "Light Vehicle Brake Systems." CONSEQUENCE: If the driver is alerted there is a brake system malfunction, but not specifically with the ABS system, the driver may operate the vehicle unaware that the vehicle's brakes may lock up during hard braking, increasing the risk of a crash. REMEDY: Hyundai will notify owners, and dealers will update the ABS control unit software, free of charge. The recall is expected to begin December 11, 2015. Owners may contact Hyundai customer service at 1-855-671-3059. Hyundai's number for this recall is 134. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Hyundai sketches Ioniq ahead of debut this month

Hyundai has an altogether new model coming soon. It's called the Ioniq, and it'll be a dedicated electrified vehicle with a choice of three powertrain options. The automaker is set to take the wraps off later this month in Korea, but before it does, it's giving us another advance look at the design. As we've seen from previous teasers and spy shots, the Ioniq is slated to blend elements from Hyundai's own design language with a form that ought to closely resemble, in abstract at least, those of rivals like the Chevy Volt and Toyota Prius. That means an aerodynamic shape ending with a high tail to get the most out of its powertrain. The interior promises to be both futuristic and comfortable. Underneath it all is a new platform developed specifically for the Ioniq and three levels of electrification. There'll be a gasoline-electric hybrid version, a plug-in hybrid, and a full EV. We should get out first look up close at the Ioniq at the Geneva Motor Show and New York Auto Show in March, following its reveal in Korea within weeks from now. But even before it's unveiled, Hyundai is already taking pre-orders in certain markets. HYUNDAI MOTOR REVEALS INTERIOR AND EXTERIOR RENDERINGS OF NEW IONIQ - New renderings reveal further innovations for the alternatively fueled IONIQ - Cutting-edge technology delivers class-leading aerodynamics and fuel efficiency - IONIQ introduces unique new vehicle design with three responsive powertrains - Pre-orders now being accepted in domestic market for the IONIQ, released later in 2016 January 5, 2016 – Hyundai Motor has revealed further details of the new IONIQ ahead of its launch in Korea later this month. The innovative alternative-fuel compact vehicle, now available for pre-order in selected markets, is the first-ever car to offer a choice of three efficient and ultra-low emission powertrain options in one body type. The latest interior and exterior renderings reveal more of the IONIQ's eco-friendly credentials, with its advanced powertrain technology central to Hyundai Motor's aim for the world's best hybrid fuel-efficiency. The newly-developed platform, available with full electric, plug-in petrol / electric hybrid, or petrol / electric hybrid powertrains, also delivers a fun and responsive driving experience to match the emotional appeal of the car'seye-catching lines. The exterior of the IONIQ features a distinguished, cutting-edge aerodynamic design.