'Surviving the Crisis'

Hyundai-Kia Motors tycoon calls for the expansion of global sales to overcome the crisis

Citing the group's management topic "Surviving the Crisis," Hyundai-Kia Motors Group Chairman Chung Mong-koo urged his executives and staff members to secure revenues through the expansion of global sales.
In a New Year's message delivered at a ceremony to mark the launch of the 2009 business year at the group's headquarters in Yangjae-dong, southeastern Seoul on Jan. 2, Chairman Chung said, "I extend my whole-hearted gratitude to my executives and staff for doing their utmost to help Hyundai Motor and Kia Motors overcome the survival race as the financial meltdown that began in the United States last year has wrought havoc with the global economy. I appeal to you to concentrate your capability to tide over the crisis and the competition as the global economy is predicted to worsen during 2009." Stressing that a boost in the sale of automobiles will be the sole solution to overcoming the global economic crisis, Chung said his group will implement creative and efficient ways to expand sales all over the global market while jumpstarting the development of automobiles tailored to meet the needs of customers in each country in order to take the upper hand in the global market. He also appealed for his employees to make concerted efforts to probe the demands of customers and dealers and respond accordingly to their requests since it is the customers who determine the fate of companies during a recession.
He called for his executives and staff to maintain and improve international competitiveness in terms of R&D and quality, which are already at world-class standards, while enhancing organizational efficiency by sharing market information and flexibly coping with market changes now that a faster decision-making process is a prerequisite for addressing a rapidly changing market situation.
Chung expressed his determination to foster gifted and expertise manpower in order to prepare for the future competitive edge and growth of the group.
He appeared to be optimistic about his group's tiding over of the crisis by expressing his hope that the executives and employees would help the group evolve into a world-class company and contribute to the recovery of the national economy by joining forces and cooperating despite high waves of crisis and danger.
Chung's message included his group's determination to seize opportunities to make a leap forward as a global leader by aggressively expanding sales and securing profits to tide over the crisis as the Korean automobile group declared emergency management alert to brace for the worsening business situation, a group official said.

Hyundai-Kia Motors Goes Green
Focuses on the development of hybrid-electric and hydrogen-powered vehicles

The Hyundai-Kia Motors Group is devoting its energies to the development of such environmentally-friendly vehicles as hybrid electric cars, since securing technological power for futuristic and environmentally-friendly vehicles is sure to determine the future survival of the industry.
In this context, Hyundai Mobis plans to solidify its global presence as a global automotive parts maker by venturing into the area of automotive parts for hybrid cars through a merger with Hyundai Autonet.
Hyundai Steel, the group's steelmaking subsidiary, plans to make history in the Korean steelmaking sector with the construction of an integrated steelworks with a yearly capacity of 8 million tons.
Hyundai Motor and Kia Motors are turning to the development of environmentally-friendly cars including hybrid-electric and hydrogen-powered vehicles as part of its key strategies to secure new growth engines. The group plans to mass-produce the Avante LPI Hybrid in July and the Forte LPI Hybrid in September. Hyundai and Kia are in high gear to develop such key parts of hybrid cars as hybrid transmissions, motor inverters and lithium batteries together with seven business partners.
They plan to expand the production of their hybrid cars to mid-size models including the Sonata and Lotze after 2010 and elevate the capacity to 500,000 units by 2018. This move is projected to create 37,000 jobs and have production spillover effects estimated at 7 trillion won.
The automakers set a goal of advancing the commercialization of hydrogen-powered cars by 2012 with an initial production of 1,000 units in 2012 and expanding to 30,000 units by 2018. nw

Hyundai-Kia Motors Group Chairman Chung Mong-koo

The Hyundai-Kia Motors Group is revving up development and production of hybrid electric vehicles and other environmentally-friendly cars. Shown above are HEVs Hyundai Motor has so far put on the market.