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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.

Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

Hyundai spices up Euro lineup with i20 Coupe, i30 Turbo, revised i40

Hyundai's model line in North America is made up of nameplates like Accent, Elantra and Sonata, but across the pond in Europe, the Korean automaker takes an alphanumeric approach. And it's just revealed a whole slate of new models. Arguably the most enticing of the fresh batch of Hyundais destined for Europe is the new i20 Coupe. Joining the recently refreshed, Ford Fiesta-sized i20 five-door hatch, the new three-door gets a more rakish roofline, beefed-up wheel arches and other visual enhancements to appeal to a younger demographic. European buyers will be able to choose between four engines – two diesels and two gasoline units – ranging from 1.1 liters to 1.4 liters, offering anywhere between 74 horsepower up to 99 hp, with a new 1.0-liter turbo three to follow. Hyundai Motor Europe has also revealed a refreshed version of its Focus-sized i30 with refreshed styling and upgraded equipment. The kicker, though, is the new i30 Turbo that packs the Korean automaker's 1.6-liter turbo four, but detuned from the 201 horsepower it produces in the Veloster Turbo and Kia Cee'd GT to "only" 183 hp. Although the refreshed i30 is available in three-door hatch, five-door hatch or wagon bodystyles, and with a six-speed manual or seven-speed dual clutch, the turbo engine is only being offered with the manual and in hatchback form. Finally, Hyundai has also announced a refreshed version of the i40. Just a bit smaller than the Ford Fusion/Mondeo, the i40 is available in sedan and wagon forms, and benefits in this latest iteration from updated sheetmetal, a more refined cabin, upgraded equipment and a new diesel engine displacing 1.7 liters and putting out 113 or 139 horsepower, channeled through a six-speed manual or (on the more powerful version) a seven-speed DCT. Interested parties will want to scope out images of all the new models in the accompanying galleries and details in the trio of press releases below. DIFFERENTIATED BY DESIGN: HYUNDAI MOTOR INTRODUCES NEW GENERATION i20 COUPE - Hyundai Motor reveals New Generation i20 Coupe - Clear design differentiation for unique three-door - Extends the appeal of New Generation i20 to younger customers High Wycombe, 10 December 2014 - Hyundai Motor has today unveiled the New Generation i20 Coupe. For the first time, Hyundai has created a three-door B-segment car that is significantly differentiated from the five-door model.