April 20, 2024

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[THE INVESTOR] Hyundai Motor Group on Sept. 14 named the group’s heir apparent Chung Eui-sun as its chief vice chairman amid growing uncertainties in the global automobile market.

He will assist his father and the conglomerate’s Chairman Chung Mong-koo in responding to the spread of protectionism in major trading partners such as the United States and China and tougher competition with rivals, the group said in a statement. 

The appointment is the chairman’s decision and is aimed at securing new growth drivers in the era of the Fourth Industrial Revolution, which is characterized by the convergence of cutting-edge technologies such as artificial intelligence.

Hyundai Motor and Kia Motors, two key affiliates of the Korean auto group, together form the world’s fifth-biggest carmaker by sales.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)