BUSINESS

Hyundai Motor heir stresses customer-first value, partnerships with mobility firms

By Kim Da-sol
  • Published : May 23, 2019 - 16:03
  • Updated : May 23, 2019 - 16:03

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun has vowed to bring the focus back to customers and stressed that the group’s future success lies on building firm partnerships with global mobility companies. 

The remarks came during an event by Carlye Group as part of its annual conference, which invites the world’s political and business leaders to share insights. Chung had been invited to share his thoughts and priorities for the world’s fifth-largest automaker. 

Hyundai Motor Group Executive Vice Chairman Chung Eui-sun (left) speaks with Carlye Group Co-CEO Lee Kew-song during an event in Seoul. (Hyundai Motor Group)

“I’ve been emphasizing the need to bring the focus back to customers,” said Chung. 

“Customers have always been our priority, but I question whether we are really thinking of our customers in our services and products. I want everyone at our company to think about how they can make the customer happy.”

Reflecting on the impact made by his grandfather, Chung Ju-yung, who founded the parent company of Hyundai Motor Group in 1947, Chung said “the old spirit” should be restored.

“During my grandfather’s time, the whole company got together and thought of ways to make customers happy. I think it is time for us to bring the spirit back. Rather than looking at our competitors, we need to focus on what our customers want.”

Highlighting increasing investment and efficiency in research and development as one of his biggest challenges,”Chung said the key to the group’s future success is building firm partnership. 

Recently, Hyundai Motor has been partnering with mobility companies like Grab and Ola to accelerate its transition to a provider of smart mobility solutions. 

“Younger generations are not as keen on the idea of buying cars or even getting a driving license, so we have to shift our business to service,” Chung said. 

Regarding the group’s plan for the new headquarters Global Business Center in Samseong-dong, Chung said the company is considering joint development with investors through a special-purpose company. 

“It’s important to work with investors and develop that land so that we can invest back into our core businesses,” he said. 

In 2014, the group bought the site in Samseong-dong in downtown Seoul for 10.5 trillion won ($8.8 billion). 

By Kim Da-sol (ddd@heraldcorp.com)


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