Hyundai's CEO advocates for the firm to adopt innovative practices

Hyundai Motor Group Executive Chair Euisun Chung delivered a new year's address this week, outlining the company's strategic direction and plans for the coming years.

Chung emphasised the importance of preparedness in facing both predictable and unexpected challenges. He stated that the company is well-equipped to maintain its momentum amid a cooling global sales environment. Hyundai reported Q3 year-over-year revenue gains of 4.7%.

Innovation, according to Chung, is ingrained in Hyundai's DNA. The company is pursuing innovation to overcome any tests or difficulties it may face. This includes partnerships with companies like Samsung for software-defined vehicle technology and Uber to develop an urban transport system combining air taxis and autonomous vehicles.

Chung also highlighted collaborations with NVIDIA to use the NVIDIA Omniverse platform for digital twins, and focus on innovations such as electric-powered personal air vehicles and advanced battery technologies developed in cooperation with specialized firms like Valcon Labs.

Preparation, Chung noted, is crucial in overcoming predictable challenges. However, he also stressed the importance of flexibility and agility when dealing with the unexpected. He warned against assuming success in 2025 based solely on strong performance from the previous year, and cautioned against a pessimistic mindset, stating that it can hinder innovation.

U.S. shoppers can now purchase vehicles through Amazon's Autos website as part of Hyundai's collaboration with Amazon.

Hundreds of mid-level and high-ranking executives were changed at Hyundai to close out the year, as part of a strategy to place leaders with successful track records in positions to guide the company through uncertainties in the global business environment.

Chung added that understanding the background, context, and historical trends can create opportunities for future growth. He emphasised that without challenges, complacency can pose a greater danger.

In conclusion, Hyundai Motor Group is gearing up for the future, with a focus on innovation, preparedness, and strategic partnerships. The company aims to maintain its momentum and overcome any challenges it may face, while creating opportunities for growth and development.