Hyundai Motor chairman re-elected as chief executive

Hyundai Ioniq 5 (HMG)

Hyundai Motor Co. shareholders have re-elected chairman Euisun Chung as chief executive for another three-year term, the company announced Thursday.

Chung will begin his extended role as director on April 1 to lead the South Korean automotive group’s transition into providing future mobility solutions, such as autonomous driving and electric vehicles, Hyundai said.

The chairman’s three-year term as a director at Hyundai Mobis Co. ends in February 2023. He is expected to be re-elected as chief executive of Kia Corp. for a new period of three years at a meeting of shareholders on March 29.

Hyundai Motor, Kia and auto parts maker Hyundai Mobis are major subsidiaries of the Hyundai Motor Group.

Earlier this month, Hyundai Motor announced plans to invest 95.5 trillion won ($79 billion) in facilities, R&D and other strategic goals by 2030.

Of the planned investments, Hyundai will spend 43.6 trillion won on facilities, 39.1 trillion won on R&D projects and 12.8 trillion won on strategic programs to transform itself into a future mobility solutions provider.

Hyundai plans to launch at least 17 zero-emission models — 11 from Hyundai and six from its independent Genesis brand — in markets by 2030. (Yonhap)

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