[THE INVESTOR] Hyundai Motor Group Chairman Chung Mong-koo on March 24 vowed to strengthen Kia Motors' premium and eco-friendly cars to face the uncertain economic environment at home and abroad.
“The uncertainty has risen due to increasing trade protectionism and heated competition in the auto industry. We will consolidate internal stability in response to the changing environment, while pushing forward with future growth,” Chung said in a business report released ahead of a shareholders meeting at the automaker’s headquarters in Yangjae-dong, southern Seoul.
“We will strengthen our competitive edge in premium and eco-friendly cars, while launching new cars continuously to meet market demand” he said. “Especially, Kia will expand investments in research and development to enhance autonomous technology to lead the future change.”
The auto group recently established an R&D facility to develop fully autonomous cars for Hyundai and Kia and has recruited industry experts, in addition to a future technology lab, highlighting the emphasis the automaker is placing on securing new growth engine.
Lee Hyoung-keun, Kia vice chairman, promised shareholders to expand the carmaker’s market globally by launching new cars.
He hopes to up Kia Motors’ brand value with the successful launch of Stinger sports sedan, slated for launch at the Seoul Motor Show next week, and the plug-in hybrid version of Niro compact SUV this year.
At the annual shareholders meeting, Kia CFO Han Chun-soo was reappointed to the board of directors for another three-year term.
By Ahn Sung-mi (firstname.lastname@example.org)