April 25, 2024

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[THE INVESTOR] Hyundai Motor CEO Lee Won-hee on March 17 vowed to achieve sales of 5.08 million units worldwide this year. 

The remark came at the general shareholders meeting of the South Korea’s largest automaker, held at its headquarters in Yangjae-dong, southern Seoul. 

“This year, we expect stagnant sales due to slowdown of economy in emerging markets, US Fed rate hike and political insecurity. But we will do our best to achieve remarkable results,” Lee said as he affirmed the automaker’s ambition to achieve the sales target set earlier this year. 

“We will expand global sales by continuing the sales momentum of Grandeur IG in overseas, while launching a compact SUV and broaden overseas market entry of Genesis brand,” he said. 

Lee also vowed to expand investments in Hyundai’s future car technologies, including electric vehicles, fuel cell vehicles and autonomous driving. 

“We will allocate 30-50 percent of free cash flow to shareholders in the mid- to long -term,” Lee said. 

During the shareholders meeting, Hyundai Motor Group Chairman Chung Mong-koo was reappointed to the board of directors for another three-year term.

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