April 23, 2024

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[THE INVESTOR]  Hyundai Motor Group Chairman Chung Mong-koo on Dec. 21 emphasized the need to work harder next year for a major reform as the auto giant grapples with business challenges at home and abroad.

“Next year’s forecast is not optimistic. However, it is important to do our best at the front line of the business and turn over a new leaf,” Chung told overseas heads gathered at a year-end strategy meeting, according to Hyundai Motor Group.

“I appreciate all of your hard work, despite difficult market situations. Let’s round off the year successfully,” he said. “We have to continuously put efforts on developing new technology for customer safety and improving quality.”

The 60 chiefs of both Hyundai Motor and Kia Motor’s overseas units convened from Dec. 15 to 20 at the auto conglomerate’s headquarters in Yangjae-dong, southern Seoul, for the biannual strategy meeting.

During the unusually longer five-day session, the officials reviewed this year’s sales performance in domestic and overseas markets and set business goals for next year.

The automaker decided to expand its SUV lineup and boost eco-friendly cars to accelerate growth in 2017, the company said.

The finalized decisions from the meeting will be announced by the chairman on Jan. 2 at the group’s New Year kick-off meeting.

Chung’s remarks come as the auto giant may fall short of its production target this year at both home and abroad, weighed down by the labor strike and protracted economic slump.

By Ahn Sung-mi (sahn@heraldcorp.com)