South Africa

Hyundai Motor's heir apparent to be made chair

Hyundai Motor's heir apparent to be made chair

Hyundai Motor Group's executive vice-chair, Euisun Chung, is set to be made chair of the South Korean car maker as soon as on Wednesday, Yonhap news agency reported, as he formally takes over the reins from his octogenarian father.

Hyundai plans to hold a board meeting, possibly on Wednesday, to promote Chung to chair of South Korea's second-largest conglomerate, Yonhap reported on Tuesday, citing unnamed corporate sources.

Hyundai declined to comment.

Chung, born in 1970, has led Hyundai Motor Group's recent push in electric vehicles (EVs), mobility and hydrogen cars. In July, he announced Hyundai and sister company Kia Motors aimed to sell one million electric vehicles (EVs) in 2025, jointly targeting a more than 10% share of the global market for EVs.

Chung's father and group patriarch Mong-Koo Chung gave up his board seat in Hyundai Motor earlier this year after stepping back from frontline operations in recent years, and Euisun Chung has played an increasingly visible leadership role since 2018.

Hyundai and Kia are together the world's fifth-largest car maker, though they will fall to sixth place when Fiat Chrysler (FCA) and PSA complete their merger next year under the name of Stellantis.