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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.

Europe to get next Hyundai Genesis

Hyundai is preparing to make a rather bold move with its Genesis, as reports are now stating that the next-generation rear-drive sedan, which we showed you earlier this week, will be sold in Europe. The first-generation of the Genesis sedan never crossed the pond.
The 2015 Genesis will enter the traditional stomping grounds of BMW, Mercedes-Benz and Audi armed with the same 3.8-liter V6 and 5.0-liter V8 found in the current model. All-wheel drive, a first for the model, will also be available in Europe. "We have to overcome the challenge of competing with established European brands. We expect the Genesis to play a crucial role in improving our brand recognition," Hyundai said in a statement.
Hyundai has done a fair job of changing its image in the US from a budget-minded brand into a legitimate, mainstream competitor that covers a broad swath of the American market, offering cars from the $14,545 Accent to the $61,000 Equus. That movement started in earnest with the Genesis, and it looks like Hyundai is determined to repeat that models success in Europe.

Recharge Wrap-up: Uber app for Apple Watch, Hyundai brings ix35 Fuel Cell to Australia

Uber has updated its app to support the upcoming Apple Watch. Users will be able to hail a car with a single tap directly from the wearable device. The Uber app for the Apple Watch will also let the user check on the driver's progress. The Apple Watch launches on April 24. Read more at iPhone Hacks. The Place at Terracina in Austin, Texas will offer Car2go services onsite. Through a partnership with real estate group MC Companies, the carsharing service will have six dedicated parking spots at the community's entrance for residents and other nearby users. "We know our residents will benefit from the Car2Go service and hope it helps them share the good life with others," says MC Companies Vice President of Marketing Eric Brown. Read more in the press release from MC Companies below. Hyundai has debuted the ix35 (Tucson) Fuel Cell in Australia. Along with giving Australia its first hydrogen vehicle, Hyundai is also unveiling a solar hydrogen refueler. The refueling station, located at Hyundai's Sydney headquarters, uses solar power to run the electrolyzer to make hydrogen from water onsite. Hyundai's Bill Thomas told 3AW that a future where most vehicles on the road are powered by hydrogen is "a way off. We're working on our next-generation fuel cell vehicle which we're hoping to bring out in 2018, but even at that stage, we're only talking in small numbers." Listen at 3AW, and read more at RenewEconomy. MC Companies Partners with Car2Go Brings Innovative Service to The Place at Terracina with Car2Go SCOTTSDALE, Ariz., March 31, 2015 /PRNewswire/ -- Cars are a costly investment. We can't all buy our own and we understand that life can get in the way of being financially stable enough to purchase one. Living expenses, bills and unexpected costs pop up all the time. Car 2 Go is making it easy to have access to a car no matter what life throws at you. MC Companies is teaming up with Car2Go to bring this convenient service to The Place at Terracina. Car2Go now has six spaces for cars to be dropped off and picked up at the entrance of the community and this is the furthest North location that Car2Go has in the city. This provides residents, and people in the area, with shared vehicles to help them navigate through their days with ease. "We are excited to have Car2Go on our property and can't wait to share it with our residents," says community manager Rachel Sypho.